Savers ready for another fall in UK interest rates!
The general consensus amongst economic experts in UK seems to be that UK rates will fall to 1% next week in a serious blow to those with money in the bank. While many savers in UK are already approaching 0% interest rates on their deposit accounts a potential move to a 1% base rate will bring more and more people into this bracket. As we have commented on a number of occasions, the UK government seems unable or unwilling to assist savers at this moment in time, something which many people see as a serious error of judgement.
Opposition parties in Houses of Parliament have been very quick to make serious political headway on this issue claiming that the government has hung savers out to dry while pouring billions upon billions of pounds down the plug hole that is the UK economy. This has the potential to become a major issue in the 2010 general election with many savers in UK unable to forgive the government for the current predicament which many find themselves in.
The forecast move to 1% base rates could just be the next stage in an eventual move to 0% although as yet this is pure speculation. However, there are signs that the UK government is starting to panic and the ongoing pleas of help from Gordon Brown not only smack of desperation but appear to be falling on deaf ears.
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