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Bruce Banner

Theresa May pledges to help savers.

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http://www.telegraph.co.uk/news/2016/10/05/theresa-may-patriotic-speech-conservative-party-conference-live/

“People with assets have got richer,” Mrs May said. “People without them have suffered. People with mortgages have found their debts cheaper. People with savings have found themselves poorer. A change has got to come. And we are going to deliver it.” 

 

It sounds okay.........     time will tell.

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Blimey Bruce. Thought you'd be a bit quicker off the mark on this :mellow:

The thing about this statement is that it's completely unambiguous.... there's absolutely no hiding place or spin that can be put on it. Any reneging or watering down and it will be rammed back down her throat.

Interesting times ahead......

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Index-linked NS&I bonds reintroduced, CPI+0.1%, max £10k per customer, pledge fulfilled.

They like policies that only cost £50-100 per beneficiary, plus the nice thing is that this would be self-funding as you're just giving people back some of their capital and calling it yield. Just like Madoff.

Edited by Dorkins

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Yes, I fear another government "help" scheme, when all she needs to do is RAISE INTEREST RATES.

Maybe we'll get a "property" backed savings account !!!!

Anything other than a sharp rise in mortgage/savings rates is more than likely a sheme to keep house prices up.

I remmeber in 2007 people opn here saying the government would do EVERYTHIGN to keep house prices up.

Oh how we laughed...

 

 

Edited by TheCountOfNowhere

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Bruce will hopefully agree with this....

over the long haul, since 2007 savings have done very well, outstripping inflation by 1-2%, in the long run that compound interest will make you rich.

The NS&I index linked saving certs have shot up in value too.

My money's in savings account at 2-3% at the mo so not being hammered by the new 0.25% interest rate yet.

The insane housing bubble and the devaluing of the £ is far worse than the s*8t savings rates.

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21 minutes ago, Grumpysod said:

 

I have posted on this subject before quite recently, I knew the pound was going to have a hard time and was looking to hold less cash than I do right now, but held off, need to get it sorted soon. On the other hand my £100k plus pension pot is doing very well.

Sterling is a dangerous currency at the moment, I think things could get a lot worse than even some predict on here.

Yes, I agree. If nothing else there will be plenty that want to punish it for leaving the EU, causing uncertainty etc. 

I also think there's a real chance of that as a country we'll be exposed for wearing no clothes as people take a more critical look at the economy  here. 

I'll add to the others in saying the 70s in retrospect look like a fairly decent time for the average person. Unemployment was fairly low, there were fewer barriers to the workplace for the young and workers rights were generally better protected. 

There was also some real lunacy - often evidenced in accounts of the BBC at the time. e.g. people going on strike because an electrician had moved scenery to get to something and it was the job of the scenery shifters (not an actual example, but plenty of similar). 

Edited by StainlessSteelCat

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1 hour ago, StainlessSteelCat said:

Yes, I agree. If nothing else there will be plenty that want to punish it for leaving the EU, causing uncertainty etc.

Who ?

We've not even left yet ?

Profit from it more likely.

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20 minutes ago, TheCountOfNowhere said:

Who ?

We've not even left yet ?

Profit from it more likely.

Some EU politicians perhaps and I think it would be naive to think that the pronouncements of politicians have no effect on markets. 

Edited by StainlessSteelCat

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I suspect they see the post-Brexit QE, strangely absent from all news since the failure to buy incident, is reaching its limits and this is aimed solely at giving the impression they're still in control. Interest rates will rise despite them, not through policy. The smug satisfaction at how well the Pound was doing at absorbing Brexit effects will be rightly seen as a major error of judgement.

Quote

the 70s in retrospect look like a fairly decent time for the average person

In the 70s Britain didn't face competition from China, India or eastern Europe. If they couldn't manage to build the foundations of a decent post-colonial economy then, what chance do they have now.

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4 minutes ago, darkmarket said:

I suspect they see the post-Brexit QE, strangely absent from all news since the failure to buy incident, is reaching its limits and this is aimed solely at giving the impression they're still in control. Interest rates will rise despite them, not through policy. The smug satisfaction at how well the Pound was doing at absorbing Brexit effects will be rightly seen as a major error of judgement.

In the 70s Britain didn't face competition from China, India or eastern Europe. If they couldn't manage to build the foundations of a decent post-colonial economy then, what chance do they have now.

None.

 

But they did blow a massive big ponzi tho.

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Instead of pledging, why doesn't she actually do something?

Or does action first require a 5 year sub-committee run by Sir. Humphrey Appelby?

Edited by Errol

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8 minutes ago, satch said:

Osborne said something similar about helping savers (was in my old sig) and then in his reign as chancellor reduced them year on year to what I believe are historic lows and then at the same time printed billions and blew asset bubbles; triple hit for savers .... four if you count what has happened to pension returns.

Indeed he did, we can only hope that May/Hammond will not do the same. 

One of these days politicians must realise that they can't fool all of the people all of the time.

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4 hours ago, Dorkins said:

Index-linked NS&I bonds reintroduced, CPI+0.1%, max £10k per customer, pledge fulfilled.

They like policies that only cost £50-100 per beneficiary, plus the nice thing is that this would be self-funding as you're just giving people back some of their capital and calling it yield. Just like Madoff.

I took you literally, this is just a mock suggesion? Getting another 10k sheltered would be better than nothing, anything substantial and the banking sytem would be bust overnight with savers trying to inflation proof their savings. Meanwhile in this world of politically driven Markets the Government can borrow on negative interest rates after inflation. As the Mother of all Debtors then the Government is always going to favour fellow debtors and not savers like us.

Edited by crashmonitor

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They should dump tax on interest below RPI for a start - its a total sham that you can be taxed on nominal gains whilst the real value of savings is falling.

What they'll probably do, as usual, is bring in some ridiculous help to buy scheme for under 40s, and another NSI issue for the over 60s and pay for it by taxing mid-forties renter-savers like me.

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8 hours ago, Grumpysod said:

Why not, Corbyn with that nutter Abbot as HS and UKIP punching the fu*k out of each other

:D

The state of the opposition summed up beautifully!

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