Savings Rate

A LETTER SENT TODAY TO THE PRIME MINISTER, THE MEMBER OF PARLIAMENT FOR BELFAST EAST AND THE GOVERNOR OF THE BANK OF ENGLAND

I am dismayed and appalled at the current rates of interest provided to savers by financial institutions.

I believe that this has been caused as a direct result of Treasury and Bank of England policies; particularly so-called quantitative easing.

These policies are  having a very detrimental effect on savers.

I am of the opinion that prudent savers are being punished (inadvertently) by the Bank of England and HMG.

On the other hand, prodigal borrowers are being rewarded.

Plundering savings is not only manifestly unfair to those who have put money aside, but is actually harmful to the future health of the economy, reducing investment, de-capitalising the country and worsening the future crisis for retirement and senior care.

I call upon the Prime Minister, the Chancellor of the Exchequer and the Bank of England to begin rewarding savers, at the earliest convenience.