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This week's announcement of the Marks & Spencer sales figures for the Christmas and New Year period is set to disappoint the market and will be accompanied by a rumoured 1000 job cuts. Those...
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Saturday 15th November 2008
Over the last few weeks as we have seen base rates fall substantially in UK it seems as though the forgotten millions who actually have savings are set to suffer in the short to medium term. Again, as we have covered on a number of occasions, many people in the UK who have significant savings which they use to finance their lifestyles although for many this particular choice is proving more and more difficult as rates drop further and further.
The recent 1.5% reduction in UK base rates took away a large chunk of savings interest for many in the UK and has placed more and more people under pressure. While many will discount this area of the population as being able to afford the falling in savings rates, this is not always the case and many people will have cashed in their assets in order to ensure they are able to live within their means in the future.
When you see interest rates fall from over 5% to the current level that is a significant reduction in anybody's book and many are starting to lose serious amounts if interest income. The special high interest rate bank accounts and highest interest rate investment bonds have all but disappeared which is bringing a new sector of the population into the ongoing financial crisis.
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