Thursday, 5 February 2009

Savers have been stabbed in the back

The Bank of England has reduced interest rates to 1% - so chances are savers will get no interest on their money, pensioners will struggle and the pound will depreciate even further.

And I have no doubt that banks will not pass the rate cut on to homeowners, mortgages will still cost the same amount, and loans will have the same amount of interest.

Their decisions have made it even harder to be responsible and save money, as I've said before meaning that there is a potential that they will not have to go on the dole. I've said it before and will say it again - encourage people to save from a young age, get them to build up their deposits and private savings can replace welfare benefits.

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