Building society calls on government to cut over-65s' tax
Pensioners' savings accounts should be made tax-free by the government, Skipton Building Society has said.According to a poll from the firm, 84 per cent of over-55s have had to cut back on their spending thanks to the credit crunch.Across all age groups, this figure was just 58 per cent.Skipton also said that tax takes away around 20 per cent of savings' value - and that recent rate cuts from the Bank of England had drastically reduced returns.David Cutter, deputy chief executive of Skipton Building Society, said: "With the average income standing at around £12,500 per year, pensioners are particularly sensitive to changes in interest rates and their cost of living. "Skipton believes that the government should be supporting the most vulnerable people in our society in these difficult times, particularly pensioners."The Bank of England's official interest rate now stands at two per cent, its lowest level since 1951.
Share this..
Related stories
Scottish leaders ignore collapse of Flyglobespan
Despite the fact that Scottish Parliament leader Alex Salmond has been championing all causes Scottish over the last few months, neither Mr Salmond or his political opponents took any time out in yesterday's Parliamentary questions session to discuss the issue of Flyglobespan. This reflects very badly on the Scottish parliament which is to all intents and purposes an arena to discuss all things Sc...
Read MoreWill the winner of the next election hold a poisoned chalice?
As the Tory party seemingly ready themselves for office next year there is a feeling that the next government of the UK will have an almost impossible situation to deal with. In the midst of the deepest recession for many years, the largest government budget deficit in history and national debt which is now approaching £2 trillion it seems that the next incoming government will have very little r...
Read MoreAre there any risks with work from home schemes?
As more and more people around the UK look to increase their income and reduce the strain of everyday life, we have seen a significant increase in work from home schemes. Whether these are arranging sales parties, stuffing envelopes, proofreading articles and stories or other such activities, it would appear that many across the UK have taken these to heart.
However, as a word of ca...
UK car industry in for a tough 2010
Figures from the UK car industry show that like-for-like sales in December were up nearly 40% compared to December 2008, purely and simply because of the impending closure of the car scrappage scheme. However, the massive jump in December sales will bring to an end increased demand for UK cars which stretches back to May 2009. Prominent figures in the UK car industry believe that sales for 2010...
Read MoreShould mortgage companies help troubled homeowners?
Over the last few days there have been stories in the press regarding couples who are finding it difficult to keep up with their mortgage repayments, with many on capital and interest repayment deals. A number of homeowners have requested a temporary move to interest only mortgage arrangements although there appears to be resistance within the UK mortgage industry to allow this particular strategy...
Read More