The Keiser Report: UK savers have suffered a Cyprus-style 20% haircut

By on April 9, 2013

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.

One Comment

  1. frances

    April 9, 2013 at 4:18 pm

    For all the Pensioners who have no option but to rely on savings interest they have seen a 60% cut in their incomes

    No other sector of society has suffered that and the ultimate insult came today from Paul Fisher on MPC claiming “Pensioners have done relatively well ”

    Quite where he gets this piece of nonsense from is beyond me

    May 2012 ISA rates were 4.25% ………….today you are very very lucky to get 2.5% but more likely 2%

    Leeds and Santander had no sooner opened a new ISA than they closed them in 48 hours

    Which planet do these people live on ??

    The one where they all get £250K a year of course !!!!!!!!!!!!!!!!!!!

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