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On the eve of what is sure to be Alistair Darling's most important political statement there is speculation and counter speculation about how he will address the situation of the UK economy next...
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Sunday 5th October 2008
It has been revealed that while the recent change in the upper limit for the protection of savings in the UK will cover 98% of savers, the remaining 1.1 million bank account holders account for some £500 billion of savings which are not protected under the new scheme. This has caused concern in many quarters and seen more and more savers move, or distribute, their savings across the field of options available.
However, it has also been revealed that many of these 1.1 million savers are giving up traditional income levels in a move to just ensure that as much of their savings are protected as possible. This it seems is the price of protecting your savings in the current UK environment – even though many other countries have either announced 100% protection schemes or are currently discussing such schemes.
For these disenfranchised 1.1 million account holders there is also the option of moving their funds overseas and making use of 100% protection schemes in areas such as Ireland and Germany – with more rumoured to follow. For some reason the UK authorities seem to be putting their faith in EU led rescue missions while ultimately ignoring the protection concerns expressed by many voters. |
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