We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Political game of bank bashing
baby_boomer
Posts: 3,883 Forumite
It is a pathetic sight, this bank bashing by all parties. [Labour, LibDem, Conservative, they're all at it]
The taxpayer has provided £500bn of our money to support the banks, and now the politicians are all engaged in telling off the banks for trying to make money [which is needed to repay the taxpayer - preferably sooner rather than later].
Guardian - The true cost of borrowing - Don't be fooled: mortgage lenders can only cut their rates so far without ruining the investors and savers we all depend on
"Homeowners are kidding themselves if they believe the banks are about to provide a bonanza of cheap mortgage deals on the back of lower base rates. Banks are not bust one minute and fountains of cheap money the next. It couldn't, and shouldn't, work like that....."
Telegraph - The Government needs to recognise the truth over its muddled thinking on banks
"... Banks must also be allowed to behave commercially in order to achieve the Government’s most important aim, which is to recapitalise and strengthen their balance sheets..."
"... We need less credit, not more. We need to repair not just banks’ balance sheets but also household balance sheets..."
It is obvious that banks who reduce rates to match the base rate will lose money because they are having to borrow some of their money at Libor.
We don't expect politicians to tell us the truth, but hopefully Martin will
.
The taxpayer has provided £500bn of our money to support the banks, and now the politicians are all engaged in telling off the banks for trying to make money [which is needed to repay the taxpayer - preferably sooner rather than later].
Guardian - The true cost of borrowing - Don't be fooled: mortgage lenders can only cut their rates so far without ruining the investors and savers we all depend on
"Homeowners are kidding themselves if they believe the banks are about to provide a bonanza of cheap mortgage deals on the back of lower base rates. Banks are not bust one minute and fountains of cheap money the next. It couldn't, and shouldn't, work like that....."
Telegraph - The Government needs to recognise the truth over its muddled thinking on banks
"... Banks must also be allowed to behave commercially in order to achieve the Government’s most important aim, which is to recapitalise and strengthen their balance sheets..."
"... We need less credit, not more. We need to repair not just banks’ balance sheets but also household balance sheets..."
It is obvious that banks who reduce rates to match the base rate will lose money because they are having to borrow some of their money at Libor.
We don't expect politicians to tell us the truth, but hopefully Martin will
. 0
Comments
-
Yes indeed, a sector of the UK economy gets into trouble, and it is somehow seen as justification for bullying them into even more trouble.0
-
As you now, politicians take their cue from the media, and the BBC/papers employ journalists who in general tend to have big mortgage debts. They certainly don't rely on savings and forget those who do. [I am not talking about financial journalists, general and political ones who get on the front pages]
It would be a brave politician who said "the country has been living beyond its means for the last 20 years", they would be hounded by the press as a traitor.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.3K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards