Business Services Industry
Bank of England chief economist paints 'grey' future.
Knight Ridder/Tribune Business News, August, 2004
By Ruth Sunderland, Daily Mail, London Knight Ridder/Tribune Business News
Aug. 30--Bank of England chief economist Charles Bean warned governments they could face economic shocks if they delay taking action to cope with ageing populations.
Speaking at the annual summer retreat for central bankers at Jackson Hole, Wyoming, Bean said longer lifespans and the demise of many final salary pension schemes were factors behind booming house prices and the expansion of buy-to-let.
He argued that the greying of the population is a "slow burn" change, suggesting that the immediate implications for monetary policy could be modest.
But he added that governments may be tempted to postpone "sensitive decisions," only acting when "public...
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