Rich Are Richer Since Crash, Says Top Boss
The boss of Britain's biggest pension and insurance provider has told Sky News that the Bank of England's quantitative easing programme has helped the rich at the expense of the less well off.
Legal & General chief executive Nigel Wilson said: "The less well off haven't done so well with QE, we've got to fix that by investing more, creating real jobs with real wage growth here in the UK."
Mr Wilson also reiterated his call to scrap the Help To Buy home scheme.
"There's too much political uncertainty and too much regulatory uncertainty here in the UK," he told Business Presenter Joel Hills.
"We don't have a great energy policy and we don't have a great housing policy."
His comments come a fortnight before the Chancellor unveils the Budget and exactly five years since the QE programme started.
Mr Wilson's company controls around 4% of the blue chip FTSE 100 index.
He said the Government scheme to assist the housing market has only proved to add "fuel to the fire" of the UK economy.
"We are only building 110,000 to 120,000 houses per annum but we need to be building more than 200,000," he said.
"There are 4.5 million older people who want to downsize but can't, simply because we haven't built houses people can retire to."
He added: "Help To Buy has been unhelpful in our view, especially in the South East, it has driven house prices up far too much.
"The Government is doing the right thing by trying to stimulate demand in the UK but you have to stimulate supply even more."
Mr Wilson said the scheme should eventually be scrapped and help given to the private rental sector, which has been "ignored for 25 years".
:: Watch Sky News live on television, on Sky channel 501, Virgin Media channel 602, Freeview channel 82 and Freesat channel 202.