BoE urges savers to spend spend spend to save the economy!

Loopgames

"Scum" being the operative word here.

I am appalled, disgusted at such a suggestion. How dare he encourage reckless spending which got us in the mess in the first place.

What they don't get is that the slow down is a natural reaction to overspending. Don't fight it - accept it. Yes it will be tough..but that's tough. It NEEDS to slow down to pick up again NATURALLY (i.e supply and demand will dictate).

All I can say is we (the masses) should always do the opposite these imbeciles tell us to do. We don't have £8million bonuses to spend (which are taken overseas) . Disgusting suggestion! It might not be a surprise announcement but it's no less disgusting either.

Joe_Bloggs

I think the Bank of England thought that low interest rates would help the economy. With a 'doom talking' government coalition it is no surprise that people are holding on to their money for fear of what may happen. Perhaps the Bank of England should consider lending money to those who can directly make use of it rather than their QE strategy.
J_B. (Only my sentiments.)

oldagetraveller

Well. I haven't read the article (don't take much heed of what the Daily Mail or B of E say)but I've recently done my bit. Spent a fair chunk of savings on a Japanese company's car, made in France! So that's really going to help the U.K economy. I suppose the v.a.t. helps a bit though?
So that money has been removed from a financial institution and reduced their capital assets in the process.

Pendle_Gazza

It's a bit rich though (pun intended) of someone on a salary of £250k to encourage us mere mortals to spend, spend, spend.

FATBALLZ

Yeah great, I'll spunk the £30k i had to save up to get a reasonably sized mortgage on todays inflated house values in order to prop up those who couldn't be bothered to save up. What a great country we live in.

margaretclare

Funny that. Just read a Daily Telegraph article about Ireland. http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8029750/Irish-borrowing-costs-balloon-on-SandP-warning.html

When we were there in July their Finance Minister was giving this advice to the Irish - don't save, just spend.

Spending money on the High Street is going to be mainly on imported luxury goods, gadgets from the Far East. Is that going to help 'our' economy?

DH and I still save but we also spend on things that we like, mainly going away on short breaks or longer, just changed the car, had a lovely holiday in Ireland - helping their economy! - but also planning Christmas in the Belgian Ardennes. We're not the kind of people who spend just for the sake of it, clothes and shoes we're never going to wear, gadgets and toys we're never going to use.

MrOrchard

Jeez, that was close, I almost clicked a link to the Daily Mail, can you imagine what sort of person the network administrator would have thought I was if he'd have seen that?

No surprises from the BoE, however it should be noted that it's not an order, and the outrage might be better expressed when it becomes mandatory to spend your worldy wealth - though it is a very Daily Mail response.

neil324

Well if there is going to be any spunking from me, i can honestly say it won't be done in this country. Thailand here i come.

F*ck the BOE.....

edinburgher

Jeez, that was close, I almost clicked a link to the Daily Mail, can you imagine what sort of person the network administrator would have thought I was if he'd have seen that?

Indeed - might get a stern warning from IT :rotfl:

Gray_colt

The BOE are all laughing at you guys. Its not cool to be a geeky saver, whats the point? Look at all the goodies and help you get if your a borrower and skint. Just coz you have denied yourself stuff and saved means you have cheated yourself. You may as well have gone bust and lost it all, the government will see you right. You only have yourselve to blame for saving, now do as mr bean says and spend spend spend..you dont get anything in this life if you save and you cant take it with you when you die! :beer: