The Masked Tulip Posted September 27, 2010 Share Posted September 27, 2010 Britain's 22million savers have been told to give up on the idea of living off their income and start 'eating into' their capital.Deputy Bank of England Governor Charlie Bean said it was time for the public to 'spend for Britain' to boost the faltering economy. His comments reveal the Bank's concern over the 'paradox of thrift', in which the decisions of millions of individuals to save more in tough times can drag down the economy as a whole. Read more: http://www.dailymail.co.uk/news/article-1315648/Band-England-tells-Britains-22million-savers-start-spending-boost-faltering-economy.html#ixzz10kRvfAXM Quote Link to comment Share on other sites More sharing options...
workhou Posted September 27, 2010 Share Posted September 27, 2010 Read more: http://www.dailymail.co.uk/news/article-1315648/Band-England-tells-Britains-22million-savers-start-spending-boost-faltering-economy.html#ixzz10kRvfAXM He can f==k right off. Quote Link to comment Share on other sites More sharing options...
wealthy Posted September 27, 2010 Share Posted September 27, 2010 He can f==k right off. Exactly Quote Link to comment Share on other sites More sharing options...
otters Posted September 27, 2010 Share Posted September 27, 2010 How aptly named our Mr. Bean is.............. I would very much like to stick his head in a turkey. Quote Link to comment Share on other sites More sharing options...
Timak Posted September 27, 2010 Share Posted September 27, 2010 To be honest the need to spend money on things other than essentials is becoming pretty much unneccesary if you are web savvy and have access to transport. We've recently got into Freecycle in a big way and, as all being well we will be parents for the first time just after Christmas, have pretty much furnished a nursery from it, and also cleared out the room of existing furniture and underused gym equipment. Not a penny has changed hands but lots of goods have changed hands. Probably terrible for the british economy but far better for our pockets and the environment. Quote Link to comment Share on other sites More sharing options...
dissident junk Posted September 27, 2010 Share Posted September 27, 2010 He can f==k right off. +1 Quote Link to comment Share on other sites More sharing options...
Cinnamon Posted September 27, 2010 Share Posted September 27, 2010 Deputy Bank of England Governor Charlie Bean said it was time for the public to 'spend for Britain' to boost the faltering economy. Bah, people are already spending a lot more than ever, it's just that they get a lot less for it now. Quote Link to comment Share on other sites More sharing options...
Laura Posted September 27, 2010 Share Posted September 27, 2010 Dramatic cuts in interest rates since the start of the recession are believed to have put an extra £8 billion a year in consumers' pockets.Stay calm - Take deep breaths All I noticed was a dramatic fall in income, so I must have been doing something wrong? I can only offer my apologies for not knowing where this spending money was. Where do now I apply for my slice of this £8 billion please, because I know exactly what I am going to blow the lot on. Quote Link to comment Share on other sites More sharing options...
gf3 Posted September 27, 2010 Share Posted September 27, 2010 When the bank of England come up with statements like this you Know things aren't going to well. I think they are pushing on a string. I think it would have been better If they had given us the money instead of the banks. It would still have ended in total collapse but at least we could all of had some fun on the way down. Quote Link to comment Share on other sites More sharing options...
OnlyMe Posted September 27, 2010 Share Posted September 27, 2010 Already spending more due to central banked induced inflation, trashed currency and less earnings due to savings rates and bankrupt reckless banks being bailed out directly and indirectly. Making an extra special effort not to spend to balance the above. Quote Link to comment Share on other sites More sharing options...
yellerkat Posted September 27, 2010 Share Posted September 27, 2010 Reads like a veiled warning to get out of sterling pronto. Quote Link to comment Share on other sites More sharing options...
_w_ Posted September 27, 2010 Share Posted September 27, 2010 Read more: http://www.dailymail...l#ixzz10kRvfAXM So first they give us the cattle prod treatment, then they explain why... Well all I can say is 'come and giddit'. Moo. Quote Link to comment Share on other sites More sharing options...
MrFlibble Posted September 27, 2010 Share Posted September 27, 2010 How about spending all our cumulative wealth on bars of Gold? That would certainly stick it to them... Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted September 27, 2010 Share Posted September 27, 2010 http://www.dailymail.co.uk/news/article-1315648/Band-England-tells-Britains-22million-savers-start-spending-boost-faltering-economy.html#ixzz10kRvfAXM When I read things like that I know the best thing for me to do is cut back on spending for a year or two. Quote Link to comment Share on other sites More sharing options...
_w_ Posted September 27, 2010 Share Posted September 27, 2010 When I read things like that I know the best thing for me to do is cut back on spending for a year or two. So true . Is there anyone left who doesn't know what happened to the yanks after they did that in 01? Is it 40 million on food stamps? Quote Link to comment Share on other sites More sharing options...
NotMyHouse Posted September 27, 2010 Share Posted September 27, 2010 I found this comment very interesting - the realisation is dawning that g**d is good for preserving wealth. So its ok for the government to make cuts save more dosh and pay its debts, but for the citizens thats not ok, my money is being covnerted into gold bit by bit. . This government and the pervious are rubbish, the MPC in my eyes is a joke waste of time, stealing from the savers, workers wages and keeping house prices up, we should be getting 5% on my cash. - LUKE, london, 27/9/2010 17:48 Quote Link to comment Share on other sites More sharing options...
_w_ Posted September 27, 2010 Share Posted September 27, 2010 I found this comment very interesting - the realisation is dawning that g**d is good for preserving wealth. I love that quote from the chap: we should be getting 5% on my cash. I think Merv's answer would be: "but we are dear boy." Quote Link to comment Share on other sites More sharing options...
ingermany Posted September 27, 2010 Share Posted September 27, 2010 So it has come to this, our young people shouldn't be saving for the future. They should be spending like mad on useful comodities like alcohol, drugs and weapons. The first two items needed to make life bearable, the third to ensure an uninterrupted supply of items one and two. This sort of propaganda is sheer desperation. How bad must it really be if this is what BoE says in public? Quote Link to comment Share on other sites More sharing options...
shipbuilder Posted September 27, 2010 Share Posted September 27, 2010 (edited) Edited September 27, 2010 by shipbuilder Quote Link to comment Share on other sites More sharing options...
OnlyMe Posted September 27, 2010 Share Posted September 27, 2010 This ranks up there with Greenspunk advising americans to go out and get ARM mortgages. Quote Link to comment Share on other sites More sharing options...
Timm Posted September 27, 2010 Share Posted September 27, 2010 Class. Quote Link to comment Share on other sites More sharing options...
gf3 Posted September 27, 2010 Share Posted September 27, 2010 The funny thing is I reckon the cuts in BOE rates over 18 months has saved me about £8000. Should people like me start spending it so the economy can recover? Well no that would push up interest rates. Quote Link to comment Share on other sites More sharing options...
Harry Monk Posted September 27, 2010 Share Posted September 27, 2010 Read more: http://www.dailymail.co.uk/news/article-1315648/Band-England-tells-Britains-22million-savers-start-spending-boost-faltering-economy.html#ixzz10kRvfAXM Deputy Bank of England Governor Charlie Bean said it was time for the public to 'spend for Britain' to boost the faltering economy Righto Charlie, you swap your salary for my JSA and I'll go for it Quote Link to comment Share on other sites More sharing options...
Giordano Bruno Posted September 27, 2010 Share Posted September 27, 2010 He can f==k right off.Banks love people to be in debt. They don't like savers much, even if they need them, as they do usually, unless the taxpayer will give them £200 billion, say.Yes, they can effing eff off! Quote Link to comment Share on other sites More sharing options...
jsync Posted September 27, 2010 Share Posted September 27, 2010 ........says the BOE on Channel 4 news now, or 4+1 later. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.