But the other great objection to the Chancellor’s pensioner bonds is that they don’t just set young against old – they set old against old, too. Mr Osborne’s explanation for this splurge is that many savers have had a rough time recently, with interest rates being so consistently low over recent years, and that they need encouragement. But they’re quite clearly meant for the well-off – for those for whom the cap of £10,000 in savings per bond is an irritation rather than an aspiration. Clearly there won’t be a rush to buy from those living on a state pension. Wouldn’t it have been better politics – if you are in the business of bribery at all – to pitch to the nine million pensioners who can’t afford them, rather than the few who can?