Savers retaliate! Are you listening Brown

[anobium]

The recent drop in interest rates means that many savers who rely on the interest on their savings to maintain their standard of living will lose out.
Why should they lose out when others in society will gain considerably at their expense.
It is the savers money which keeps the banks in business.
No doubt the government have considered this aspect but are not to bothered about the consequences of this action.
I have no idea what the numbers are except that they are in the millions, but what would happen if the majority of these savers withdrew all their savings from the various banks and building societies, and literally stuffed the money under their mattresses.
As a result of this the various schemes devised to save those who have squandered their money would at the very least flounder.
I am no expert on these matters but the consequences of this would surely cause the government to rethink and make some amendment.
Come on you lot you have nothing to lose, you might as well blow all your savings, then when that is gone you will qualify for all the other various benefits.
What sort of message is this government sending out to the potential savers of tomorrow.

 

[Rob]

Withdraw it then and stop moaning. Anyone who can live or 'maintain their standard of living' because of interest paid to them has too much in the first place.

There's alot more people out there struggling with bills and paying the mortage and this cut might make the difference.

And FWIW i have some savings and would rather it sat in a bank earning nothing than it stuffed in my mattress.

 

[2scoops0406]

I have ans ISA. Earning nothing, ...... I can only dream of that!

 

[nickso]

you might as well blow all your savings, then when that is gone you will qualify for all the other various benefits.

are you actually mental?

 

[noseall]

i think the government have really screwed the hard working, honest people here. the ones who have saved and been cautious have been made to look foolish.

all those tw&t$ that have blown everything, have had big mortgages they could not afford, 4X4 chelsea tractors and holidays abroad are p$$ing themselves laughing at the latest concessions.

the g'ment want to get people spending again.

yeah, spending on the good ole credit card, spending money they don't have, never will have. it don't matter diddly squat, 'cause the g'ment will bail 'em out anyway.

a frikkin joke. makes me feel sick.

 

[2scoops0406]

Well, I feel slightly aggrieved. OK I may have a 4x4, but I don't live in Chelsea. I don't have a massive mortgage, and I was hoping to pay it off in a couple of years. I don't have any credit card bills outstanding, I don't have any loans and I don't have any store cards.

What unfortunately I don't have now is a job. Not, I feel, my fault because I work in financial IT, yes it's well paid when the work is there, but not stratospheric.

Now due to the irresponsibility of some a lot of us face possible hardship through no fault of our own.

 

[noseall]

i agree 2scoops.

the problem is that the governments' latest tax payers 'giveaways' do not differentiate between those who have been unfortunate and those who have been greedy/foolish.

in fact it is an invitation to say;
"stuff it, i'll spend all me money, defer me mortgage interest payments for a couple of years then let the government pay the interest back for me 'cause i've spent all me dough on consumer crap".

ffs.

 

[anobium]

you might as well blow all your savings, then when that is gone you will qualify for all the other various benefits.

are you actually mental?

Your point being?

 

[blondini]

The way I see it, savers don't lose when rates fall, they just gain less.

 

[anobium]

And FWIW i have some savings and would rather it sat in a bank earning nothing than it stuffed in my mattress.

The purpose of putting money in a bank is firstly to get some interest on it, at least in with with inflation, which the bank in turn earns by loaning it to somebody else at a higher rate.
If you are happy to let the bank make money at your expense, then thats your decision.

 

[hairyben]

The way I see it, savers don't lose when rates fall, they just gain less.

Well, if intrest paid on savings falls below inflation the money is worth less in real terms.

While most people's POV depends on their financial status, you can't begrude those who have been prudent with their money being hacked off that they lose out to subsidise people who bought that which they couldn't afford.

I don't have a house- I could have bought a grossly overpriced one, but thought I'd wait for the inevitable crash so instead I live in cruddy rented accommodation and save with the idea being in a couple of years I'll be in a good position to buy. So for being sensible, patient, and one of the few who didn't cause this mess, my savings are close as makes no difference to devaluing.

the g'ment want to get people spending again.

This is the gist of it, the government still incredibly believe that we can spend our way out of this. Or maybe they just want to f*** the country up so bad that the tories can't evan begin to fix it in time for a subsequent election.

 

[noseall]

The way I see it, savers don't lose when rates fall, they just gain less.

it depends where your money has the potential to be invested.

if your money could gain more elsewhere then you are losing.

stagnant money is dead finance.

without investment and interest rates the financial world dies.

it is only those who have no money that don't lose.

 

[2scoops0406]

The way I see it, savers don't lose when rates fall, they just gain less.

it depends where your money has the potential to be invested.

if your money could gain more elsewhere then you are losing.

stagnant money is dead finance.

without investment and interest rates the financial world dies.

it is only those who have no money that don't lose.

Not necessarily, if we encounter deflation, then even 0% will be preferable. We are as has been said in many rags, in fairly unchartered territory.

I suppose you could buy gilts and bonds, but for some people these are not a viable option. (the uber never never).

 

[Trazor]

my savings are close as makes no difference to devaluing.

Provided your savings are for buying a house, the value of that money is actually increasing as house prices fall.

This is the gist of it, the government still incredibly believe that we can spend our way out of this.
Or maybe they just want to f*** the country up so bad that the tories can't evan begin to fix it in time for a subsequent election.

This feckless bunch want us all beholding to them.
Why do you think that, in some parts of the country, their are more people employed by the government/councils, than private industry....

 

[Bilioustrumpstaine]

Money that is in a bank could do better in Premium Bonds

Banks are becoming thier own worst enemy, investors are being stung, mortgage borrowers are not having better lending rates passed on to them, credit card companies (banks) are still charging rates of up to 30% (or so). We/us the general unwashed have just baled these bu%%ers out of the mire and the reward is what

Gordy should reign the banks in and "have a word" . The intrest rate cuts are to try and revive the economy , not give the banks a chance to make an extra few (million) quid.