Councillor's pension predictions miss the mark (From Croydon Guardian)

Croydon councillor's pension predictions miss the mark

11:00am Thursday 9th February 2012 in News

When it comes to predicting the future, one Croydon Councillor has shown clairvoyance is not his strong suit.

Councillor Dudley Mead, Chairman of Croydon Council's Pensions Committee, was asked by Engaged Investor Journal last January to give his pension predictions for 2011.

Coun Mead duly obliged and predicted the bull market would continue in 2011.

He added: “It should be a very good year for our pension fund investments. The doom and gloom promulgated by the media will not turn out as badly as predicted. Equity indices will rise even further, with the FTSE 100 index climbing to at least 6,500.”

But the FTSE has struggled to top 6,000 and Coun Mead’s crystal-ball gazing was picked up by Councillor Simon Hall in a question to the cabinet member, who accused him of not having “a grasps of the basics of finance”.

Responding, Coun Mead said: “The FTSE 100 in 2011 did not achieve my predication made in January 2011.

“My estimate was below what many fund managers were predicting and in line with reports subsequently given by our investment advisors at pension fund committee meetings.

“I cannot remember the member ever disagreeing with those reports.

“We have a better grip of finance than the Labour party ever have.

“The austerity being imposed on us all is a consequence of your government over borrowing and overspending and hiding the truth from the British public.”