The British Bankers’ Association (BBA) has warned that the low rate of savings is throwing the recovery off course. Now, I wonder whose fault that is.
Despite all their claims to the contrary, it was greed on the part of the banks that caused the crash that then resulted in the low interest rates paid to savers for the past six years.
They have been able to borrow cheaply at the taxpayers’ expense as a result of quantitative easing while savers have suffered below-inflation interest rates on their savings.
Even the CBI is jumping on the bandwagon, calling for measures to encourage more investment in business, but its members have been quite happy to avail themselves of low interest rates for the past few years, claiming any rise would damage business.
It seems to me that this country is run for the benefit of business and not the people. I am no socialist but what savers have suffered makes a mockery of the ethos of saving for the future or a rainy day.
Why do all savers not withdraw all their money from the banks and building societies and stick it under their pillows for a few weeks? Then we might see who really holds the power. Why should the frugal suffer because of some high-flyers’ greed?