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Dave Beans

0.5% Interest Rates (& Rise In Inflation) Has Cost Savers Over £300Bn

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surely the income tax take from the interest on savings has also been decimated (ISAs excepted) - it would be one fifth of the interest that has been lost unless all the savers' income is below the tax threshold and so do not pay tax - unlikely. :huh:

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And how will that lost interest = lost future spending power play out in future years? Is it just lost cruises and golf memberships for the retired, or will it be reflected on the high streets? or both?

'Sorry grandchildren, but Grandad and I can't help out with the house deposit after all, because we are struggling a bit ourselves these days..."

Edited by juvenal

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Sunday times covered topic (again from march 09 start date)

Though they came up with a figure of savers losing £11bn annually, borrowers gaining £8bn, and banksters skimming off the £3bn difference every year.

Obviously, that just assumes its only savers that suffer, whereas the reality is anyone paid in pounds suffers from reduced spending power, as evidenced by the fact UK real earnings have fallen more than anywhere else in Europe.

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