MSE News: Savings protection limit set to return to £85,000

Malthusian

The political ideology that people shouldn't be refused a mortgage just because they aren't going to pay it back (with some racial politics thrown in to the mix for added fun) must also not go unmentioned. Sow the wind...

I am not holding banks blameless for their failings, even if that failing was being too weak to stand up to the politicians.

Username!_2

Well, it`s not confirmed yet

2010

Username! wrote: »

Well, it`s not confirmed yet

It will be, as a sign of the government`s strategy of brexit means brexit, we`ll make our own rules up now and the EU can say what it likes because we`re taking back our powers and freedom and the EU can whistle, etc., etc.

How glad I am I voted to leave.

bowlhead99

2010 wrote: »

It will be, as a sign of the government`s strategy of brexit means brexit, we`ll make our own rules up now and the EU can say what it likes because we`re taking back our powers and freedom and the EU can whistle, etc., etc.

How glad I am I voted to leave.

Not sure what you mean by this.

The UK government is not changing the protection limit in some sort of effort to stick two fingers up at the EU.

They are changing the protection limit because your vote to leave caused some damage to the economy and weakened the pound, so that the amount of pounds sterling you need to have in a bank account in order to buy a certain amount of world goods and services and foreign currency, has risen considerably.

Woo yay, our currency is worthless, and £75k won't buy as much stuff as it used to, and our wealth has dropped on a global scale. So we are upping the limit as we now need to protect larger nominal amounts of pounds in bank accounts in order to protect the same level of actual wealth.

Besides, it's not that the EU would complain about this. It is their idea to harmonise the levels at a particular level of euros. Which we are attempting to do. So, that's not breaking free, it's going along with existing policy tied to our membership. Worth noting that these large levels of protection were increased from much much lower levels that UK originally had, as a consequence of pan-European agreement.

So by increasing the limit, UK is *not* giving a sign that were are leaving EU and writing our own rules - it is giving a sign that it still wants to play by the rules that EU financial services firms play by.

Which is good because we are a net exporter of financial services and so common regulation and a level playing field is positive for this large part of the UK economy.

eskbanker

2010 wrote: »

It will be, as a sign of the government`s strategy of brexit means brexit, we`ll make our own rules up now and the EU can say what it likes because we`re taking back our powers and freedom and the EU can whistle, etc., etc.

How glad I am I voted to leave.

Wow - I don't think that even the Daily Mail would try to pull off such a laughably desperate (or desperately laughable) piece of spin to come up with that contrived interpretation!

bowlhead99 has already pointed out most of the obvious flaws in that line of 'thinking' so I'll just observe that as 'post-truth' has now made it into the dictionary, I don't think we have to look too far for a definition....