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We had the fall in the pound and people sort of may or may not understand that. the the rise in the government's borrowing costs — we know that — we potentially know that that means higher spending, you know, higher costs for the government down the road, and also higher mortgage rates for people who have mortgages. but the flip side of it is all those government bonds which are sitting — gilts — sitting in pension funds, in insurance companies, in people's isas — many, many people have a big chunk of their savings in those assets. and what has happened in the last few weeks is their...

All those government bonds which are sitting — gilts — sitting in pension funds, in insurance companies, in people's isas — many, many people have a big chunk of their savings in those assets. and what has happened in the last few weeks is their value has gone down dramatically. from the start of the year, they've gone down by a third. i think when people look at... those of you who... those people who do have occupational, defined contribution pensions with their... i'm sure money box is going to be explaining this — but all of those assets have gone down by a third and i think we ten...

That you think, "please, newsjournalists, get this right this week"? is there one thing that you're watching and listening and thinking, "no, we need to get this across better"? i think the most important thing, which i think does go to a thing that is difficult for everyone to understand — which is the dynamics of a bond. and i won't go into it, but when you have... we had the fall in the pound and people sort of may or may not understand that. the the rise in the government's borrowing costs — we potentially know that that means higher spending, you know, higher costs for the government ...

Also higher— the government down the road and also higher mortgage rates for people — also higher mortgage rates for people who have mortgages. the flip side of— people who have mortgages. the flip side of it— people who have mortgages. the flip side of it is— people who have mortgages. the flip side of it is all those government bonds— side of it is all those government bonds which are sitting, gilts, sitting — bonds which are sitting, gilts, sitting on— bonds which are sitting, gilts, sitting on pension funds in insurance companies, and peoples isas. _ insurance companies, an...

Not personally in favor of getting rid of the 401(k)s. but the house is putting a bill together and then that -- >> okay, even though two days ago on twitter, i said there will be no change to your 401(k). look. you're either a person of your word or you're not. but let me go to you, robert. how big of a hit would this be? to the middle class? >> huge. 55 million americans depend on 401(k) plans ifs their savings. and context, it's important to understand that it used to be b that people had pensions. mostly pensions through their employer and then we moved to something called defined contribu...