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UK government refuse to guarantee savings

There was a very poignant moment in today's press conference when Gordon Brown was pushed on whether or not he would follow the lead of other countries across Europe and guarantee the total savings of the UK public. In true political fashion he avoided the question instead deciding to confirm that the UK government has always looked after savers where their banks have hit trouble.

But if this is the case, as it was with Northern Rock and Bradford and Bingley, why can't the government match the pledges of the German and Irish governments to honour tax payer's deposits?

When you consider that the guaranteeing of tax payers deposits would have cost nothing up front and would be highly unlikely to ever be used, why has the government decided to avoid this route? Would that not have given the markets the vote of confidence which they so desperately need?

There is no easy answer as to why the government does not seem willing to guarantee savers deposits but this is the one thing which will hit home to the UK tax payer. The authorities can throw billions into the system, the can part nationalise the banks but this means nothing to the average tax payer who just want to know that their savings are safe in the bank.

Is it really too much to ask?

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