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BLOGS by Stephen Kahn

SO MR BROWN, WHAT ABOUT THE SAVERS?

Monday December 8,2008

Have your say(12)

By Stephen Kahn

Gordon Brown seems to have forgotten about the responsible people who saved money in the good times

All week I’ve had a reader’s letter on my desk to remind me that while official policy is to drive down interest rates – with very mixed results on both the cost of mortgages and the availability of loans to businesses - there is one section of the community where there is no ambiguity about the result. Savers are being hammered through no fault of their own.

Here is part of Mr.F of Matlock’s letter. “What about us savers? What will we live on? Many of us have a modest income off our savings and rely on income from savings; what do we do when they have gone? I have always tried to be independent. I am elderly. It is a big shame that this Government has ruined the country.”

I wish I had a satisfactory answer. I do know though that the plight of savers will be in vain if the banks are allowed to slash savings’ rates while at the same time refusing to pass on the benefit of lower interest rates to borrowers.

The Government’s approach to what ails the economy is cock-eyed. The UK is heavily over-borrowed but rather than promote saving, it wants Britain to spend its way out of recession. Hence the ill-judged temporary reduction in VAT.

I agree with Mr.F in the direction which allocates blame for the present plight of savers. I’m certain this lesson will not be forgotten by millions of his ilk come election time.

SO MR BROWN, WHAT ABOUT THE SAVERS?

10.12.2008, 9:36am

As actual "Savers" are in a Minority in Britain Today, Gordon Brown does not care a Damn about them.

All he is interested about at the moment is Conning the majority of the British Electorate (with mortgage rate cuts and vat cuts etc) - IN THE SHORT TERM - in order to lure them into a false sense of security prior to the next election.

The votes of Savers are unlikely to have much of an effect on the election outcome.

IF LABOUR WERE ( God forbid ) TO WIN THE NEXT ELECTION THEN BROWN AND CO WILL STAMPEDE US INTO FULL EU MEMBERSHIP AND SCRAP THE POUND FOR THE EURO.
THEN HE WILL RAISE TAXES ETC AND BLEED US ALL DRY.

• Posted by: EmperorMing • Report Comment

BROON THE CLOON

10.12.2008, 8:56am

The policy of a liebour government has always been and always will be to TAX, SPEND, and WASTE. History has shown that to be true. The word SAVE is not and never will be in their vocabulary.
So why should people save, under the fools they get no thanks or return, spend spend spend is their way and maybe like the majority of people who vote for them.
Oh broon I for one wish you would have the courage to call an election, My X will give you the kiss of death to you and your party and that is a promise that will be kept.

• Posted by: over21 • Report Comment

BROWN

09.12.2008, 7:39pm

He doesn't care, full stop. Just lining his own sporran.

• Posted by: Jaypuss • Report Comment

SAVERS PAY THE PRICE

09.12.2008, 3:20pm

Savers money funded the boom, now savers through no fault of their own are going to pay .a heavy price for the bust. Scrooge McBroon will squeeze us until the pips squeak.

• Posted by: David16 • Report Comment

SAVERS

09.12.2008, 9:26am

ls Mcloon trying to get savers to put there hard earned money into premium bonds,where he can got hold of cheap money as the winnings are a pitance of what is in savings.Whatever this loon does there is a twist in the tale.The man is a fraud!!!

• Posted by: RoyKen • Report Comment

OVERSPENDING IS WHAT GOT US INTO BOTHER IN THE FIRST PLACE

09.12.2008, 1:26am

Mr Brown would rather concentrate on helping people who are irresponsible and rely on state hand outs all their lives! There are so many of them and they will keep voting for him, why shouldn't they!
More than half the population was living above their means which resulted in the banks have colossal losses! They are trying to be much more careful now, but isn't that like shutting the stable door after the horse has .......!
Now Mr. Brown is encouraging the same people who got into trouble before to start overspending again! Where is the sense in that?The people who have been careful with their money have in many instances lost their savings already and now to top it all the interest rate for savers have started to tumble!

• Posted by: sirjohn • Report Comment