Savers Should Stand Up And Be Counted

gozomark

or imperial

Androcles

I got really mad yesterday when some guy was interviewed on TV and said that the interest rate cuts were very helpful as he was now collecting an extra £500 a month of his mortgage repayment, which he might save. That £500 was effectively the £500 which my interest has gone down by on which I (a pensioner) live. Thanks!

So what do we do to persuade the banks and building societies to give savers a better deal. Somebody suggested taking all our money out and somebody else sensibly said "OK you first!"

But, for example, if we identified a single bank/building society and said unless you give us better rates, a large number of moneysavers will pull their money out of your bank, all at once and on this date and re-invest it with one of your competitors......(Think Northern Rock)... it might cause a frisson of uncertainty!

Thats just one thought - but I am sure that the creative collective minds on here can come up with some ideas as to how we can express our displeasure and do a bit of persuading them to think again, since they only appear to be motivated by things which will hit their balance sheets?

Any ideas which might work?

gozomark

cos69 wrote: »

Basing any inflation figures other than the factors that affect you is meaningless. For most of us inflation will continue to be high because even now food prices, fares and soon to come council tax rates continue to go up.

council tax is a tax, so not included in CPI - food prices are likely to to lower in 12 months than now - CPI is an average, based on a typical persons spending - for most of us inflation will be (marginally) negative over the next 12 months

Optimist

Androcles wrote: »

I got really mad yesterday when some guy was interviewed on TV and said that the interest rate cuts were very helpful as he was now collecting an extra £500 a month of his mortgage repayment, which he might save. That £500 was effectively the £500 which my interest has gone down by on which I (a pensioner) live. Thanks!

So what do we do to persuade the banks and building societies to give savers a better deal. Somebody suggested taking all our money out and somebody else sensibly said "OK you first!"

But, for example, if we identified a single bank/building society and said unless you give us better rates, a large number of moneysavers will pull their money out of your bank, all at once and on this date and re-invest it with one of your competitors......(Think Northern Rock)... it might cause a frisson of uncertainty!

Thats just one thought - but I am sure that the creative collective minds on here can come up with some ideas as to how we can express our displeasure and do a bit of persuading them to think again, since they only appear to be motivated by things which will hit their balance sheets?

Any ideas which might work?

The banks are taking their lead from the BOE which is currently doing what Gordon says, all pretence of independence gone..

Write to your MP enough people do it especially if they have a labour MP Gordon might (but probably wont) take notice

http://www.writetothem.com/

gozomark

the BoE is independent, not sure about BOI....

Optimist

gozomark wrote: »

the BoE is independent, not sure about BOI....

lol ok the BOE now corrected however if you look at the make up you will see that 4 of the 9 members of the MPC direct appointments of the treasury. Do you really think Gordon has no influence over the rest ?

The main criteria of their target is inflation not much independance there !

gozomark

they have independence to meet their objective, which is 2% inflation

GeorgeHowell

Androcles wrote: »

I got really mad yesterday when some guy was interviewed on TV and said that the interest rate cuts were very helpful as he was now collecting an extra £500 a month of his mortgage repayment, which he might save. That £500 was effectively the £500 which my interest has gone down by on which I (a pensioner) live. Thanks!

So what do we do to persuade the banks and building societies to give savers a better deal. Somebody suggested taking all our money out and somebody else sensibly said "OK you first!"

But, for example, if we identified a single bank/building society and said unless you give us better rates, a large number of moneysavers will pull their money out of your bank, all at once and on this date and re-invest it with one of your competitors......(Think Northern Rock)... it might cause a frisson of uncertainty!

Thats just one thought - but I am sure that the creative collective minds on here can come up with some ideas as to how we can express our displeasure and do a bit of persuading them to think again, since they only appear to be motivated by things which will hit their balance sheets?

Any ideas which might work?

That shows the fallacy of Labour's policy of trying ti use interest rates alone to regulate the economy. To be fair there has been a period where savers were pulling in more than their fair share and mortgage holders etc suffered unreasonably. Now it's swung too far the other way. If Labour also had fiscal policy at its disposal here would be more balanced and intelligent ways of managing the economy. However their total disregard for proper control of public expenditure -- largely based on their misguided and failed notion of "improving equality and social justice" -- means that all they now left at their disposal is printing money. That will lead to increased inflation, which will cause interest rates to go up again, and so the pendulum will continue to swing.

Androcles

GeorgeHowell wrote: »

............. That will lead to increased inflation, which will cause interest rates to go up again, and so the pendulum will continue to swing.

It's not the pendulum I would like to see swinging, watching our politicians and bankers all with their snouts in the trough - and even that is unfair to pigs, who only eat what they need, unlike the p's and b's who try to eat everybody else's dinner as well and breakfast and lunch and afternoon tea!:mad::mad::mad:

Ken68

Like Jon Snow said yesterday on Channel 4 news.

"This is the beginning of the beginning" referring to the questioning and enquiring of the Bankers.
Daily Mail says that the name Banksters was coined in the 1930's depression era being a combo of bankers and gangsters.
Too true.