Sales of pensioner bonds extended

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Published: Sunday 8th February 2015 by The News Editor

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Sales of high-interest bonds for pensioners will be extended for three months following unprecedented demand, George Osborne said.

More than 600,000 over-65s have snapped up the market-leading savings opportunity since they were first offered last month.

The rush to take advantage left some consumers struggling to get on the website as well as finding the phone lines jammed.

A pot of up to £10 billion has been put aside for the 65-plus bonds and the opportunity cost to the taxpayer of the state borrowing from pensioners rather than the capital markets runs into “hundreds of millions of pounds”.

The Chancellor told BBC1’s Andrew Marr Show that it was important to the economic recovery to encourage savers.

“Our 65-plus pensioner bond has been the most successful savings product this country has ever seen. Over 600,000 pensioners have benefited from it.

“What I can confirm today is that we are going to guarantee that it remains on sale for another three months.”

Published: Sunday 8th February 2015 by The News Editor

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