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Interest rates go up - GOOD! 1 Year, 12 Months ago
Those of us who based our pensions and retirement on 10% interest for savers (as I did 30 years ago) have been royally screwed by the changes. I reckoned on making £100,000 a year for my retirement. Admittedly, Surrey Police, helped by Max Clifford, were the main drain on that - taking all my savings (£1million) in legal costs in 2001. But my remaining few pennies have been used up since, life eating away at my capital like a mad moth. I now mainly exist on my state pension, intelligently utilised. And at last savers are getting slightly looked after but too late, too late.
Re:Interest rates go up - GOOD! 1 Year, 12 Months ago
And the Gov had better stick to its guns and NOT bail out the millions who have chewed off more than they can manage on their mortgages. But alas all it will take is one sodding campaign from a Premier League footballer and they will reverse....
Re:Interest rates go up - GOOD! 1 Year, 12 Months ago
5% Not bad although when I worked out my savings decades ago it was over 10% so I built up my earnings capital (by then mainly earned through consultancies). And banks have not confirmed that Savings will now earn 5% (some hope). Media keeps going on about a million mortgagers. They never seem to mention us ten million savers. Probably because we're old. Not a good story (note for media; many of us oldies still buy papers).
Re:Interest rates go up - GOOD! 1 Year, 12 Months ago
I have seen the odd line saying it is good for savers but yes a young attractive couple with doe-eyed children about to lose their home is a MUCH better story...
In the detail also - Hunt is meeting lenders on Monday to see "what might be done to help..."
Wait for the media and well meaning but dim celeb backing to ensure no one in UK loses their home! Not one person. However irresponsible they have been.
We can't afford it after all the recent mistakes, it is illiterate economically and will make the problem worse long term...
But they must get re-elected, so they again will follow media.