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UK savers continue to be ignored.

In a sign of the times it has been revealed that savings rates in the UK continue to fall even though the government and various consumer groups have attempted to place pressure upon the financial sector. The top rate for an instant access savings account has fallen from 3.35% to 3% since November 2009 and the best interest rate for a one-year bond has fallen from 3.95% to 3.30% over the same period.

Many people believe that both UK banks and UK building societies are finding it more and more difficult to make money in the UK savings sector and have placed all of their "chips" on their mortgage operations. As a consequence, UK savers are now receiving a pittance of an income on their nest eggs and this is unlikely to increase significantly in the short to medium term. Unfortunately, even after the UK recession is over, many savers will need to look to the future with significantly less financial backing than they had prior to the economic turmoil.

It is difficult to comprehend the widespread damage which the ongoing economic turmoil continues to cause in many areas of the UK financial industry. Many people in the UK will certainly not forget the credit crunch and the resulting recession which began back in 2007!

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