Is it too little too late for savers in the UK?
As the Bank of England prepares for the announcement of a 1/2% reduction in UK base rates there is more concern regarding the financial health of savers across the country. There has been a substantial amount of media coverage over the last few days regarding the older population, many of whom have built up a substantial nest egg for their future, and the impact which lower interest rates are having on their income stream. Many are suggesting that the government's increased winter allowance does not even make up the shortfall in energy cost increases over the last 12 months and many are concerned about covering their heating bills during this cold snap.
Savers across the UK, and in particular the older generation, have become something of a political hot potato with all of the major parties announcing their concerns and their ideas for protecting income streams in this low interest rate environment. Gordon Brown is risking a backlash from voters after suggesting that the Conservative idea for tax incentives for savers was "irrelevant".
There is a growing concern that Gordon Brown is starting to believe his own hype as his international standing continues to grow.
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