Posts Tagged ‘interest rates’

So let me see.
As someone who has spent half their life building up a savings pot for retirement’ I’m now expected to lend my money, at pitiful interest rates, to mortgage borrowers who in some cases are on nil percent.

Factor in that many banks are effectively nationalised, and one must seriously question the competence of this goverment. If we’re going to have nationalisation why are the government allowing this?

It’s largely irresponsible borrowing that’s put us in this mess, why are we encouraging even more of this?

Where’s the equity in any of this?
Yet again in my lifetime has a Labour administration managed to screw up the economy so comprehensively.

Thanks for nothing Gordon.


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Are there many more out there in the UK who are totally hacked off at this government’s treatment of savers during this financial crisis?

At a time when it’s clear to just about anyone with half a brain, that the present problems stem from excessive borrowing, this wonderful government of ours is doing all it can to promote yet more borrowing in a vain attempt to kick start the economy. In the process of course slashing interest rates which is having an exceedingly detrimental effect on those of us who rely on savings to at least keep pace with inflation.

So what’s to be done? I have this half formed plan.

The idea is that if a large enough group of us could act in concert with our savings, then we just might be able to make the government sit up and take notice. Particularly so since the UK banking industry is all but nationalised. Suppose a few thousand of us made it known to the government that unless it came up with some system for compensating savers with better interest rates, then we would take concerted action. Next month we’d all transfer our savings to Bank A, and then the month after move them all out to Bank B. Each month putting them somewhere different, going round in a complete circle if needs be. The idea being to create uncertainty about the level of deposits in any one institution at any one time. This would presumably hamper decision making and reduce the levels of lending the banks could commit to.

As I say it’s a germ of an idea I have, and I wonder if there are any readers out there who would wish to comment and suggest just how we might organise this.

Even if you just read this and don’t wish to comment, perhaps you would pass it on to other friends, colleagues and acquaintances. If I detect a sufficiently large ground swell of opinion, I’d be prepared to move it on to the next level and see where we get to.

Over to you…..

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