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Savings Fall By 14% Over Three Months As Cash-Strapped Britons Struggle With Rising Costs

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Can't be doing the banks balance sheets any good. Reserve ratios must be toast. Did I hear someone say BAILOUT2?

Under an hour to go till we find out. My guess is they will wait till either Feb or a major failure.

Problem is, these withdrawals must be caused in part by people spending their savings on things they need that have gone up in price. More printy won't help that.

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The problem is, this is just a single bank. How have their interest rates changed, it might simply be people moving money to another account, I know I'll be doing the same with my ING account soon

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The problem is, this is just a single bank. How have their interest rates changed, it might simply be people moving money to another account, I know I'll be doing the same with my ING account soon

To be honest they are the same as all the rest. Good deals for new customers everyone else gets shit on. Probably just as many coming back as are leaving.

I moved my ISA from ING to Santander in April but I'll move it back next year if they do a deal.

Still have a few quid with them. (more than 10x the average savings according to them!)

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I just tapped into my interest free credit card for a bit of splurge to boost Q4 GDP.

Obviously won't be spending money after Christmas as the debt will be paid off, so bad news for Q1, Q2, Q3 and probably Q4 of 2011 GDP figures.

Still at least the BoE has got inflation contained...

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Aye me also. Natwest 2.8% or thereabouts instant access is available.

Me too .. I use them all then transfer when a better account is available (no strings attatched)

I'm now with Santander 2.72% instant access (2.8% is available but interest is annually) ;)

ING actually told me i can go back after 6 months

Edited by Secret Squirrel

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Derrr.... thought experiment time.

Cash strapped person A raids savings to pay for food. Retailer B pays money into account elsewhere in the banking system.

There is no less money in the system whether someone spends more or less.

However, there is less money in the system if debts are repaid.

We all know this, come on guys!

But what happens to retailer B when cash strapped person A runs out of savings?

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Instead of making a profit, they will presumably make a loss. They will pay out more from their accounts than they get in. That money ends up at suppliers, employees, possibly even shareholders and the tax man. They then pay it into their bank accounts.

But what if they have debts? What if their employees have debts? What if their suppliers have debts? Doesn't the tax man also have debts?

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You print more money to create more debt.

No you print more money to boost GDP/tax recipts to pay the first debt from the first time you printed money to pay the original debt because you spent too much.

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No you print more money to boost GDP/tax recipts to pay the first debt from the first time you printed money to pay the original debt because you spent too much.

...so all money is debt...so what's the point of working to get paid with debt? :unsure:

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Derrr.... thought experiment time.

Cash strapped person A raids savings to pay for food. Retailer B pays money into account elsewhere in the banking system.

There is no less money in the system whether someone spends more or less.

However, there is less money in the system if debts are repaid.

We all know this, come on guys!

Derrr balance of payments innit, come on old bean.;)

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  • 244 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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