UK government looking to assist savers in the budget
Gordon Brown has finally stepped forward with confirmation that those with significant savings in the UK will be catered for in the forthcoming budget. As UK base rates have fallen from 5% down to 2% (and likely to fall further this week) there has been a substantial movement towards assisting savers in the UK who have seen their income streams evaporate. Many accounts are already paying less than 1% interest and many attract no interest as rates are now so low. So what will the government do?
There are suggestions that the government will either increase various tax allowances for the over 65s (the largest sector of the population to be hit), reduce income tax for pensioners or raise the level of savings which can be transferred to individual savings account (ISAs). Whether this will be enough to plug the enormous gap which has arisen over the last few months very much remains to be seen. The situation of savers across the UK is becoming something of a political hot potato with a number of consumer groups furious at the way savers have been abandoned of late.
While talk is cheap many savers are looking to the government for serious assistance so that they can avert financial heartache.
Share this..
Related stories
FCA Quizzed on Post-RDR Advice Gap
The FCA is facing new questions about the availability of financial advice to the regular consumer, after an MP enquired about what the regulator plans to do to plug the advice gap. Questions were asked during a Treasury select committee related to the Heath Report, as well as the increasing number of people who say that they do not have access to financial advice since the RDR. Within the m...
Read MoreGordon Brown announces 100,000 new jobs in the public sector
If this headline looks familiar it is because this is a rehash of an announcement made weeks ago regarding the rescheduling of many public sector projects including the building of schools, housing and various environmental programs. Gordon Brown has finally put some meat on the bone of this idea with today's confirmation of the program which is expected to require billions of pounds of UK taxpaye...
Read MoreLloyds bank announces 625 job cuts
In what many unions are calling "death by 1000 cuts" Lloyds bank has today announced a further 625 job cuts to go with the 2225 announced when the Lloyds bank and HBOS merger was completed. However, many unions in the UK believe this is just the tip of the iceberg with potentially 20,000 to 30,000 jobs at stake from a combined workforce of over 140,000 people. This has the potential to be far grea...
Read MoreCBI accuses politicians of failing UK economy
In a fairly outspoken and controversial statement, Richard Lambert, the director-general of the CBI, has spoken out against politicians whom he believes are more interested in themselves than the UK economy. Urging politicians to "get a grip" the CBI has gone on the attack in a bid to rejuvenate and reinvigorate political efforts to refloat the UK economy. Despite the fact that a report yesterday...
Read MoreIs the UK on the brink of bankruptcy?
As the UK national debt approaches £1 trillion many experts in the field of economics are asking the question "Is the UK on the verge of bankruptcy?"
While this seems a very bizarre question for a country as "strong" as the UK there are serious concerns that debt could reach £2 trillion or even £3 trillion if the latest rescue package goes disastrously wrong. In effect Gordon Bro...