Submitted on Friday 29th July 2011
Published on Friday 5th August 2011
Current status: Closed
Closed: Saturday 5th November 2011
Signatures: 92
Low savings rates
Government using the Bank of England as a proxy has chosen a very low bank rate to get the economy going. This is not working. Why?
About thirty million people with savings who were actually spending their 'notional' income, are no longer spending. The thrust of the Bank's policy is to get borrowers to save the nation, but in reality, borrowers do better at recapitalising banks via the large amount of interest they are charged.
The commercial banks are now using the lead of the Bank of England as a mandate to short change retail depositors.
Don't forget a vast swathe of the population - the nations savers - are not spending, either because there is no money, or they have totally lost confidence in the government's policy.
The Bank of England must start raising interest rates now to restore confidence, and please, no more quantitative easing - it doesn't get real money into the bottom end of the economy and it stokes up trouble for the near future.
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