Bank of England and FED publication - Scary

Glen_Clark

russell_anderson wrote: »

If it doesn't there will be civil unrest which will make the riots which started in tottenham look small!

I think not, the people with large savings don't riot.
If I park on a yelllow line, the Government can fine me, if I don't pay they can escalate the bill, send in the baliffs, sequestrate my assets, and ruin me with legal costs. So I have to obey their law.
On the other hand, there is nothing they can do to the average Tottenham rioter because they have no assets they can take away. All the Government can do is put them in prison costing about £1,000 a week, and the prisons are full as it is. They just pick out a tiny minority who didn't run fast enough to get away, and make an example of them like the poor sod who got 4 years for nicking a case of water on the spur of the moment.:( Whilst the hoodies who smashed up the shop were long gone. They don't have savings and I can't see them rioting for those who do.

talexuser

It may take a lot to rile people up in this country, but seeing their hard earned savings (after tax) arbitrarily taken away while the same bankers enjoy their million pound bonuses for failure may just do it!

innovate

May be the Brits should take a leaf out of the Swiss people's book: http://www.bbc.co.uk/news/world-europe-21647937

Congrats to the brave people of Switzerland, I say!

Sadly, I think there is next to no chance that a decision like this would be supported by the majority of people in the UK, not to talk about the slightest chance to get anything like this through Parliament and the House Of Lords. Instead, we are debating referendums on scottish independence and exiting the EU.

Thrugelmir

kidmugsy wrote: »

There's no sense, however, in putting the £85k deposits at risk because that would negate the whole point of a deposit guarantee i.e. the avoidance of bank runs.

Until the banks are financially secure. Then don't expect Governments to come to the rescue. The sums involved are simply too big to be guaranteed. Conversion of depositors funds into share capital seems a reasonable compromise. If a crisis were to develop. As this would instantly make the banks solvent.

Savers cannot expect a decent return return without a degree of risk. If at all concerned move your money to a building society.

srcandas

Surely people will just spread their money around. It will be common place to have 20 savings accounts. And people like me will build websites that look after them all for you. I feel a second career coming on

Thrugelmir

srcandas wrote: »

It will be common place to have 20 savings accounts.

Is it worth the bother?

Doubt many people have £1.7 million in cash sloshing about either.

innovate

Thrugelmir wrote: »

Is it worth the bother?

Doubt many people have £1.7 million in cash sloshing about either.

Why not? If the money is reasonably secure, and if there's decent return (a bit above inflation, at least), what's wrong with 20 accounts? I got about a dozen already. Mind you, nowhere near £1.7m yet....but working on it

moneyfoolish

innovate wrote: »

May be the Brits should take a leaf out of the Swiss people's book: http://www.bbc.co.uk/news/world-europe-21647937

Congrats to the brave people of Switzerland, I say!

Sadly, I think there is next to no chance that a decision like this would be supported by the majority of people in the UK, not to talk about the slightest chance to get anything like this through Parliament and the House Of Lords. Instead, we are debating referendums on scottish independence and exiting the EU.

I think it would be supported by an overwhelming majority of people in the UK although not by the charletons in the Commons and Lords who purport to represent us!

Thrugelmir

innovate wrote: »

Why not? If the money is reasonably secure, and if there's decent return (a bit above inflation, at least),

When these deposits mature. What's the plan then?

Deposit rates may well be under the rate of inflation for some time.

innovate

russell_anderson wrote: »

I think it would be supported by an overwhelming majority of people in the UK although not by the charletons in the Commons and Lords who purport to represent us!

Well, we have votes, don't we?

In future, only vote for MPs who promise us swiss-style exec remuneration legislation within 6 months of the new government being formed.Withhold all votes until there is a party that promises this.
Topple the government that promises it but doesn't implement it as promised.

There would be an exodus of so-called "talent" for a while, and good riddance to most of them. If countries like the UK joined the anti-fat-cat motion, there would soon be a global re-alignment of exec pay. To the better of everything.

May be I should emigrate to Switzerland. Shame they have such strict immigration laws, lol.