The spend, spend, spend culture of recent years has resulted in a huge amount of debt which is affecting everyone. Savers who demonstrated restraint, thrift and forward thinking during a culture of cheap debt are now receiving near zero returns on their savings.
The Deputy Governor of the Bank of England, Charlie Bean, has admitted that the whole point of their interest rate policy is to discourage saving in order to reflate the economy.
This is not only unfair to savers it is not a long term solution to the UK’s economic problems or a strategy that will drive the right kind of economic growth that we need.
The Government is allowing sub-inflation returns on savings to refinance the banks, which are making money but still not lending. The Government also hopes that higher inflation will help reduce the deficit (which it will) but shows no regard for the effect of this policy on the value of savings.
We believe that personal financial responsibility must be encouraged; it is the route to a stronger society and a richer economy. This means people must be given fair treatment when they try to act prudently with their finances and should be entitled to a reasonable, above inflation return on their savings. Otherwise, why bother?
Each new supporter adds more power to our campaign, it is only by coming together to voice our anger and frustration at how savers have been treated, we will be heard.