Campaign group encourages British savers to kick up a fuss...
IT CAME AS no surprise on Thursday that the Bank of England's Monetary Policy Committee kept the bank rate at 0.5% for the 28th month, writes campaign group Save Our Savers.
No surprise, but still deeply disappointing, with CPI inflation at 4.5% – and the "real" inflation we're all experiencing much higher. By contrast, the European Central Bank raised interest rates from 1.25% to 1.5% to curb inflation, just as China, Brazil, India, Poland and others have done recently.
In the UK, inflation has reduced the buying power of our savings by £57 billion in the past year alone. The cynical amongst us might point out how convenient it is that it has also reduced the real value of the national debt by £48 billion. The Aztecs believed that human sacrifices would ensure bumper harvests. Perhaps the MPC believes that sacrificing our savings will magically restore economic growth.
Maybe the MPC and the Government are banking on savers being meek and mild, unwilling to make a fuss as their savings are eroded to help out over-extended borrowers and enable the banks to rebuild their balance sheets.
Why should we taking it lying down? It's time to get angry, to make a noise, to yell out, much like Peter Finch's character in the film Network, "We're mad as hell and we're not going to take it any more."
If you're as fed up as we are, please help to spread the word. Encourage others to come to the website and to follow us on Twitter and Facebook. In return, we promise to make a right royal nuisance of ourselves.
It isn't only a question of self-interest. Whether the MPC members understand it or not, a country without savings is a country without a future.
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