What about the savers?
As the UK government steps forward yet again to bail out the banking sector with billions upon billions of UK taxpayers money there is serious concern that savers are becoming something of an irrelevance to the UK government. Despite repeated promises to look at the situation of savers, many have seen their income streams obliterated over the last few months and more and more older people are having to dip into their nest eggs which they had hoped would last the rest of their lives.
It is quite scandalous how UK savers have been treated over the last few months as the government panders to the banking sector rather than attempt to stabilise the income of UK savers who have worked for their money like everybody else. While Gordon Brown is happy to put himself forward as the saviour of the UK population and the UK economy he may well have underestimated the ground swell of support for UK savers.
With an election due in 2010 the so-called "grey pound" could become an interesting play for the various political parties. Gordon Brown has effectively cut this area of the population adrift from the Labour Party membership and will have difficulty catching their attention as and when an election is announced.
Share this..
Related stories
Irish economy is suffering more than most
The International Monetary Fund (IMF) has this evening issued a report suggesting that the Irish economy has been worst hit by the global economic downturn and will suffer a prolonged recovery period. The IMF also believes that the Irish banking sector will report losses of around £30 billion which will take some time to recover and see a very different Irish banking sector in the future.
...
Will the British Airways employment changes be replicated elsewhere?
News that a significant number of British Airways staff have agreed to work unpaid for up to a month, take unpaid leave or move to a part-time basis has been welcomed with open arms by Willie Walsh, the chief executive of British Airways. The move is set to save the company around £10 million a year and further efficiency savings can be expected in the short to medium term. But does this change t...
Read MoreConcerns about deflation prove premature
Today's announcement that the retail price index was unmoved in February caught many analysts by surprise. A significant number had expected inflation to fall into negative territory with estimates of between 0.5% and 0.8% deflation. When you also consider that the consumer price index rose to 3.2% during February, many people are now starting to believe that the threat of deflation may be recedin...
Read MoreGlobal Stock Markets Continue To Fall
In a move which began last week it seems that investors around the world are concerned that the tail end of the credit crunch is set to wreak yet more havoc on economies. After what seemed like the calm before the storm, the last few days have seen heavy sell-offs in the Far East, the US and the UK with some observers set for another rocky week next week.
One of the main factors...
Santander calls time on UK banking brands
When Spanish bank Santander took over Abbey National, Alliance & Leicester and Bradford & Bingley there were high hopes that the enlarged group would prompt a significant shakeup of the UK banking industry. The company has been highly successful in the UK and managed to time many of its acquisitions to perfection but there appear to be great changes afoot. The company has announced that as of next...
Read More