Quizzes & Puzzles7 mins ago
New Fscs Limit £75K
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What are peoples thoughts on this news? Starting to get slightly worried about my savings. We hear scaremongering about the government being able to "steal" or take peoples savings if things go horribly wrong (Cyprus?) and this reduction in protection is not in the right direction. At 2% interest £75k gets £1500 per annum which is better than putting it under the mattress (or in a home safe etc) but are banks/building societies becoming more risky?
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I can't help thinking it's a government ploy to encourage people to take money out of their accounts and spend it to help the economy. They've done the same with personal pensions, letting people have everything in cash so they (the government) will get extra tax revenues and pensioners will spend the cash to bolster house prices and the economy
There is no conspiracy here, HO2- the regulator is required to change the limit every five years to bring it in line with the EU figure of 100000 Euros. The limit hasn't changed in terms of euros- it's just that the value of the pound relative to the euro has changed since the figure was last set.
I think the value is almost irrelevant anyway- if any major bank was in sure dire straights then the government would step in anyway and if it couldn't afford it we'd a;; be in a far worse place than Greece is now
I think the value is almost irrelevant anyway- if any major bank was in sure dire straights then the government would step in anyway and if it couldn't afford it we'd a;; be in a far worse place than Greece is now
It is yet another example of the stupefying effect the EU has on this country. There is no earthly reason why (a) the EU should dictate to the UK the level of its bank deposit guarantee scheme at all but (b) if it does, why it should be valued in euros.
When the euro plummets further against the pound (as it almost certainly will) this guarantee level will fall even further. There is no justification for this as the UK does not (thankfully) use the euro and is unlikely to do so in the foreseeable future. It is a specious link with no logical basis whatsoever but the UK government agrees to such lunacy. Let’s hope this matter is among the many examples of Eurolunacy which should be highlighted when the “pros and cons” of EU membership are discussed prior to the referendum.
When the euro plummets further against the pound (as it almost certainly will) this guarantee level will fall even further. There is no justification for this as the UK does not (thankfully) use the euro and is unlikely to do so in the foreseeable future. It is a specious link with no logical basis whatsoever but the UK government agrees to such lunacy. Let’s hope this matter is among the many examples of Eurolunacy which should be highlighted when the “pros and cons” of EU membership are discussed prior to the referendum.
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