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The folly of undermining savings
Simon Rose of Save Our Savers was interviewed on BBC Radio Humberside on 19th June.
During a wide-ranging discussion presenter James Piekos brought up a point frequently made when Save Our Savers complains that low interest rates are grossly unfair to savers. He said that, for mortgage holders like himself, these are great times, with rates incredibly low.
Simon pointed out why that common – but short-sighted – attitude conceals the considerable long-term economic damage that the suppression of interest rates is causing. The politically expedient policy of avoiding pain for those with mortgages and others is actually undermining the economy depends. Without savings, there can be no growth.