Letter: Warped logic

Sir: Your leading article today states: 'Pensioners (have) been slow to adjust to the low inflationary environment, feeling, however illogically, that smaller cash returns on savings are impoverishing them.'

My net income after deduction of tax has fallen by more than 40 per cent since 1990; out of this I must pay swingeing water charges, increased council tax, VAT on fuel and higher prices on necessities such as food. For my money, this means I am worse off.

Who is it that is being illogical, I wonder?

Yours faithfully,

STELLA PATES

Ottery St Mary, Devon

14 June