Lord Young is very welcome to come to live in my tiny bungalow for a year, on my diminishing ELAS income plus State pension, and see how he likes it.

I wouldn't mind a year on his income - he's a multi-millionaire I believe - enjoying the indulgencies he takes for granted.

David Cameron is understood to have rebuked him for his comments, but only because they made the news and cast an adverse glow on the ConDems. It always comes back to the same thing; how can we expect any true understanding of and sympathy for our plight when those who wield power are so totally removed from the lives and financial concerns of those they purport to represent. It's enough to make you turn Communist!!

My State pension went into my bank account today and it now brings in TWICE per month what my ELAS WP annuity pays. I know the State pension has risen year on year during the decade I've been retired, but when I first drew my WP annuity it paid twice what I received each month from the State pension.

As for the benefits of low interest rates for mortgage payers, admittedly during the years I held a mortgage the rates were in the region of anything from10% to 16%. However, house purchase was then affordable to all except the very poor. Now, thanks to bank profligacy and stupendous City bonuses, both of which had the knock-on effect of driving up property prices nationwide, plus easy availability of low-cost buy-to-let mortgages to exploitative landlords, who have been able to pass high rents on to the Tax payer through Housing Benefits, we have a situation where it is fast becoming impossible for young people to get on the property ladder unless they are heavily subsidized by the Bank of Mum & Dad.

Youngsters who can't afford a home, old people who are receiving virtually nil returns from their savings - we've never had it so good Lord Young? You do surprise me!