Wednesday, Mar 27, 2013

Low interest rates benefit the government - NOT the banks 'Savers have been ignored completely': Budget did nothing for savers - if anything their plight is worse

Savers were offered nothing in the Budget. If anything, their plight looks set to worsen.
The Government said it would allow further printing of money to stimulate growth. It also said it would consider providing yet more cheap money to banks through the controversial Funding for Lending Scheme, which has had the effect of reducing the rates banks pay to savers. It also said interest rates in general would remain low. Inflation is set to continue to float above interest rates paid on savings accounts, which means in real terms savers lose money.

Posted by hpwatcher @ 01:08 PM (1795 views)
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1. mark wadsworth said...

It's Britain's aspriation nation through the looking glass.

If you work hard and save hard, we'll tax you silly and nick your savings to prop up land prices and banks.

Wednesday, March 27, 2013 01:29PM Report Comment

2. alan said...

Just signed the Savers petition. I was 72nd. A long way to go, maybe we could get some press coverage ~ wonder if one of the main parties might support? There must be a few votes there?

Britain's aspriation nation through the looking glass ~~~~~ Very good, MW

Wednesday, March 27, 2013 02:21PM Report Comment

3. stuartking said...

As Milton Friedman said: "Inflation is taxation without legislation." So much for Osborne's hopes of a 'low tax' economy.

Wednesday, March 27, 2013 05:34PM Report Comment

4. a saver said...

alan @ 2, well done! Had a chat with the SOS guys yesterday. They have several great contacts who are very much against low interest rates and QE. They really want to hear from savers about how negatively these policies are afffecting them and they regularly pass on good stuff to their contacts, newspapers, other media etc.I am putting together some thoughts to send them.
They also encourage people to write to their MPs.
Don't know why their site isn't more popular, but it has a lot of potential.

Thursday, March 28, 2013 07:29AM Report Comment

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