"To suggest that it is somehow wrong that over 65s are not running up debt at the same rate as younger generations is wholly unhelpful and somewhat naive.
“Throughout our lives we're encouraged to save for our retirement, pay off our debts and mortgage in preparation for a time when we will be unable to replace the funds that we're spending. So to suggest that having worked hard is somehow wrong is frankly ludicrous.
"We all aspire to a comfortable retirement, and many of us save to ensure that's possible. When people in their 60s were young they had incredibly low incomes, and this was often frighteningly close to their outgoings, however credit was simply not so freely available.
"It's time that we stopped trying to create wholly inflammatory inter-generational divides, and started focusing on the fact that older people have worked and saved hard, and are now in a position to spend. In fact, if they had failed to do so our GDP would be depressed by some £6.8 billion or 4.2% lower than it is today which would have a direct and damaging impact on people of all ages."