I was talking with my good friend James (real person, but name changed) the other day and he wasn’t very happy. But first let me tell you a little bit about James. He has spent his whole retirement living here in Ontario — he is 83 and first started drawing his UK State Pension in 1990.
At that time he was paid £46.90/week, which in those days meant he was getting about $90/week; this was when gas cost 59 cents/litre, and a loaf of bread cost just 70 cents.
Today, because of the UK’s “frozen” pension policy, James is still getting £46.90/week, which immediately after the Brexit vote converted to $79/week — the British pound instantly fell 18% against the loonie. Meanwhile the cost of gas has gone up to 94 cents/litre ($1.15/litre in Western Canada), and a loaf of bread is now nearly $3. How can anybody be expected to live on 80 bucks a week?
Brits in Toronto