No introduction of a negative interest rate or a levy on savings deposits in the UK

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No introduction of a negative interest rate or a levy on savings deposits in the UK

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In February 2013, Paul Tucker, the Bank of England's deputy governor Speaking to the Treasury Select Committee said that The Bank of England is considering the idea of negative interest rates.
Savers across the Cypriot banking sector are already being threatened with having to contribute to the EU bail out deal through a compulsory levy on their deposits.
Those with under €100,000 would lose 6.75% and for those with over €100,000 in the bank, 9.99%.
Sharon Bowles MEP, chair of the European parliament's economic and monetary affairs committee, said she was appalled by the savings levy, saying it "robs smaller investors of the protection they were promised".
Bowles added: "If this were a bank, they would be in court for mis-selling."
We call on the UK Government and the Bank of England to give a clear and unabigious assurance that there will be no introduction of a negative interest rate or a levy on savings deposits in the UK.

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