SOS Save Our Savers

Reaper

Robert_Kent wrote: »

Oh Dear judging from the comments so far I seem to have trodden on a "few expert toes".

The reaction may seem a little extreme to a newcomer. You just happen to have raised a topic which was argued to death previosuly over many hundreds of heated posts - and will doubtless be again.

Old_Slaphead

bendix wrote: »

You are getting the best return on your savings in decades. Literally.

Which part of that are you finding hard to understand?

Would you explain that statement to me, perhaps with a few facts, bendix?

nb - I think your damning response to a newcomer should have been a little more tolerant.

lisyloo

Yes I could do with an explanation too.
I'm getting 3% on my savings but CPI is 2.9%.
I would say it's been better previously in real terms i.e. with respect to inflation.

lisyloo

Hi Robert,

I don't have any issues with the sentiment of the campaign, but do you not think the very clever bods at the bank of England have already taken the effect on savers into account when they set rates?
Businesses and people with debts are also struggling as well as savers. For every saver with a complaint there will be an equal number of businesses or personal debtors who need relief.
I'm not an expert on these matters, but pensioners with savings get little sympathy as they can live off their capital. They have that option.
Businesses that need finance to keep going and to keep people's jobs do not have options and have to borrow money.
So whilst I can seethe seniment I honestly think you are wasting your time because
a) Your plight has already been considered by the people at the BOE
b) sorry but us savers are not as important to the economy as debtors

Robert_Kent

Reaper thank you for the explanation. Clearly as a new poster I am not familiar with the background to the topic nor could I understand the vitriolic replies.

Each of us have our / their own opinion in these matters. I respect those that have theirs. What a shame this cannot be reciprocated.

I have no need to argue a perspective and rest easy in my interpretation of where I (and a good many friends of like age and background) believe rates should be to support the less profligate and hopefully return the UK economy to a sound footing.

sulkisu

Robert_Kent wrote: »

Hopefully those with an interest in supporting the campaign (incidentally I have no connection to it - other than being a saver presently obliged to maintain a myriad of accounts in order to sit safely within the FSCS limits) will not be deterred by critical comments and make their own minds up as to whether the campaign will give a voice to savers.

We are a pretty independent lot on MSE - perfectly capable of making our own minds up and a few negative comments (even a lot of negative comments) will not prevent those who agree with you, from supporting this campaign.

Personally, I won't be. Of course I would like to make as money as possible from my savings, but just like taxes, the issue is not that clear cut. If earning a pittance on my savings means that the misery of the past two years comes to and end (friends and family members who have lost jobs, homes, businesses etc), then I am prepared to suck it up. If I'm wrong, then so be it.

Robert_Kent

Lisyloo - I believe you are right in that the BofE had considered the position of savers and chose to "batten down" on what it thought would be the area of least resistance. Understandably, also, is that the Treasury and BofE chose to support the the "borrow side" of the equation given that it had pretty well encouraged borrowing through low rate setting fuelling a consumer boom which would have otherwise been unsustainable.
I feel sure that many of the informed posters here are familiar with the interview (shortly after the commencement of the Iraq war) of Mr King by the Commons cross party select finance committee when he was quizzed on the rationale for reducing interest rates (in their eyes unrealistically given the emergeance of the credit boom ) and his reply. Basically, he saw what the concerns were and was prepared to tackle it as when it occurred. It occurred.
Now I sense a change afoot. Necessarily and overdue.

lisyloo

Let's suppose you are right.
How is the campaign going to change things?
If you try to highlight the issue then the opposing voices like the CBI will do the same and they probably have more clout and money.
Sorry, but I just don't see it's going to acheive anything even though I have some sympathy with the cause.
I also agree with redpete, in the second post that some of the statements don't look that well thought out.

Rightly or wrongly, people with excess money won't get sympathy whereas those who are about to be repossesed will get a reaction. I am aware of the irony that the former may have been very sensible and the latter very profligate buit that's the way it is in our society.

Robert_Kent

Lisyloo - I fully understand the reservations expressed for the campaign's wide objectives and I see the doubts raised for its success. However, savers are pretty well left with little or no way of expressing their dissatisfaction other than by attempting to move to a better paying account which in an effectively uncompetitive market place leaves you with little alternative.
Please don't think me unsympathetic or unfeeling towards those that are struggling today, those that fear for their houses and their jobs its just that I am familiar with a large section of the community that have reached an age, stage in life when they are heavily dependent upon investment / savings income to live only reasonably well. It's not their fault that they have reached retirement age, its not their fault that they have repaid their mortgage and its not their fault that they chose to prudently save to provide for themselves in retirement rather than look to the State or the taxpayer to support them.

It is time that a voice be given to savers and if this is a campaign that may help them be heard then so much the good.

EdInvestor

Does SOS suppport savers or investors? www.saveoursavers.co.uk

Their website says both but there is a big difference between the two. Arguably savers have been featherbedded over the banking crisis period, with much higher protection limits, mass bailouts of foreign banks like Icesave, special deals for NS&I and other failed Govt owned banks like Northern Rock, all at a time when inflation is so low that the effect of low interest rates is negligible.

Whereas small investors have been trashed, with the Government even banning payment of bank share dividends and refusing any compensation for dubious nationalisations. Pensioners have seen major fallls in the size of their funds as stockmarkets crashed and in annuity rates due to Government machinations with quantitative easing in the gilt market.

Maybe SOS should think a bit harder about who needs help in the current climate.