Good for borrowers bad for savers
With the huge drop in mortgage lending rate and the pledge that this will finally be passed onto customers, this money will of course have to be found from somewhere. Many finance experts are expecting that savers will suffer a drop in the rates that they are paid for their hard earned savings. This seems like giving with one hand and taking with the other! is the UK public actually going to buy into this type of con?
Either that or Gordon Brown thinks that we are too poor to have any savings….
It was just 6 months ago that we had the last financial ‘crisis’, the savings-pension disaster. Borrowers were being to told to add to to any state or employment based pension to ensure they had a decent income in their late years. With the collapse in finance, the previously precarious level of pensions has fallen even further. Alternatives such as bonds and other investments have fallen even more….
Gordon Brown wants to get his story straight, for all our sakes.
We have all learnt a few serious lessons about using our money, buying property and saving.