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The Keiser Report: UK savers have suffered a Cyprus-style 20% haircut
Although the UK media were obsessed by the proposed 6.7% “haircut” of insured savers in Cyprus, they remain annoyingly reticent about the appalling situation of savers here in the UK.
We have calculated that in the four years since Base Rate was cut to 0.5%, UK savers have lost £220 billion through reduced interest and the effects of inflation. This is an extraordinary cut of 20% of the entire value of cash savings.Where are the headlines about this? Where are the concerned politicians? Where are the news specials?
Fortunately not everyone in the media is blind to this. Max Keiser’s Keiser Report is a veritable financial media lumberjack, chopping down the trees in his path so that is viewers can see the true picture. Simon Rose was invited onto his show to explain the Cyprus-style losses for UK savers. The pair also lament the fact that debasement of the currency is no longer a treasonable offence. If it were, it might give the Chancellor and the members of the MPC food for thought before they continue to undermine sterling and savings.