Savers are advised to find long-term deals before they disappear
As the base rate in the UK continues to fall, having fallen from 5% to 2% in a matter of three months, savers in the UK have been advised to look out for longer-term deals which will lock their funds in at attractive interest rates. There are serious concerns for the plight of savers in the UK and especially those who live off the interest on their savings.
Even though base rates are currently 2% a number of the leading UK banks have slashed savers rates to below this level and some have even been seen to reduce rates to next to zero. Despite being pushed from a number of angles, the UK government has yet to come forward with a viable and workable plan to assist UK savers who seem to be suffering in order to rescue those who may have been "adventurous" with their own funding situations.
Even the National savings branch of the UK government has been seen to slash rates over the last few weeks and many savers are starting to feel the pinch. Quite what the government can do remains to be seen because they seem to be fighting a number of battles on a number of fronts.
Share this..
Related stories
Is there more bad news on the way regards income tax?
This weekend has seen an outbreak of fierce infighting between Blairite and Gordon Brown supporters amid suggestions that a number of left-wing Cabinet ministers had placed pressure on Gordon Brown to introduce the new 50% tax band for those earning £100,000 and above as opposed to the £150,000 figure announced. In a move which will have the opposition parties rubbing their hands in glee it woul...
Read MoreCentre for Economics and Business Research issues downbeat property report
The Centre for Economics and Business Research (CEBR) has today issued a damning review of the UK property market which does not bode well for the short to medium term. The CEBR believes that the UK property market still has a "further 8% to fall" before prices start to stabilise and eventually recover. However, the recovery in the UK property market will be sluggish to say the least with 2010 and...
Read MoreTakeover talks at Blacks Leisure flounder
While the market took note of the £83 million sale of the JJB fitness division to founder Dave Whelan, there was bad news for Blacks Leisure shareholders with news that takeover talks have ended with no agreement. Among a number of potential suitors, Mike Ashley, the owner of Newcastle United and Sports Direct, was seen by many as the front runner. His 29% stake in the company would have made a v...
Read MoreIMF warns of potential slowdown in 2010
Despite increased optimism with regards to the worldwide economy and a potentially recovery in 2010, the International Monetary Fund (IMF) has today reiterated that while the worldwide economy may well be on the verge of a recovery, it is still "highly vulnerable" to further shocks. While admitting that "remarkable progress" has been made over the last few months the IMF is of the opinion that the...
Read MorePremier League takes action against Ofcom BSkyB ruling
The Premier League has this weekend begun a feasibility study with regards to the recent Ofcom ruling which could see Sky TV reduce its wholesale prices charged to rival such as BT and Virgin Media. There is concern that the potential 23% reduction in wholesale subscriber prices would reduce the attractions of multimillion pound football deals in the future and could actually reduce the income rec...
Read More