NS&I to cut premium bond rate and other accounts

ffacoffipawb

IanManc said:

ffacoffipawb said:

I thought it was a reduction to one tenth of the original value.
Change that to Decimate ^ 45 then

I fod yn saesneg deg mae'n debyg yew eich ail iaith. 😉

Google translate isn't all that great by the looks of it.

bowlhead99

polymaff said:

ffacoffipawb said:

polymaff said:

bowlhead99 said:

polymaff said:

lhsecons said:

Firstly the rates haven’t just been cut, they’ve been decimated. ...

If only !

The income bonds have gone from paying over 10x base rate to 1/10th base rate, so have lost over 99/100ths of the rate they were paying, somewhat worse than just losing a tenth!

You do realise that gross misunderstanding/misuse of the term "decimated" was the point I was making?

It is correct to say that their decimated rates have been decimated though.

No it isn't.  You would have to decimate 1.16%  FORTY-FIVE times to end up with the interest rate proposed for Income Bonds.

English Language teaching in the UK over the last FORTY-FIVE years has a lot to answer for.

Even if taking the term at its original meaning (destroying or removing one in every ten of), you could still use it:
Has the rate been decimated? Yes...
Similar to:
How many months have 28 days? All of them...

Unfortunately for lovers of tradition, language evolves; if people misuse a word, it starts to mean what they mean it to mean, not what it once meant.
The OED has examples of the term being used more generally for almost four centuries and its definition 1c is:

 c. transitive. More generally: to reduce drastically or severely; to destroy, ruin, devastate.This use has sometimes been criticized on etymological grounds (see, for example, M. West & P. F. Kimber Deskbk. Correct Eng. (1957) 119 and quot. 1944), but is now the most usual sense in standard English.

1660   Word to Ranting Royalists (single sheet)    So..That a Righteous cause may no more be blasted with your Scandals, Party..decimated, as it were again in its reputation, for the Enormities, of a few..of your number.

1662   H. Foulis Hist. Wicked Plots ii. i. 74   Their after actions, which are so many against the King and Kingdom..that it is impossible for me in this Compendium to decimate them into a relation, their very printed Acts and Ordinances in that time amounting to above 530.

1795   Oracle & Public Advertiser 28 Mar.   To what cause..can you impute the forced exclusion of your Colleagues? At that fatal epoch, you saw the Convention decimated.

1812   W. Taylor in Monthly Rev. 79 181   An expurgatory index, pointing out the papers which it would be fatiguing to peruse, and thus decimating the contents into legibility.

1862   Observer 7 Dec. 5   Applications to Parliament for acts to construct railways, the effect of which will be not only to destroy hundreds of thousands of pounds' worth of private property, but to completely decimate entire districts of its population.

1883   L. Oliphant Haifa (1887) 76   Cholera..was then decimating the country.

1944   Manch. Guardian 7 Mar. 3   ‘Absolutely decimated the lot of 'em,’ he [sc. the soldier] declared. The other man, something of a pedant, winced at the word. ‘Decimated?’ he murmured deprecatingly. ‘Yes, wiped out.’

1957   J. Bishop Day Christ Died (1959) 81   They had been secretly certain that, when the time of trial arrived, Jesus would summon legions of avenging angels who would decimate his enemies.

2003   R. Rhodes Cruising Guide Florida's Big Bend i. 17/1   Primarily due to the explorers' diseases, the Apalachee population..was decimated to one quarter of its size in only 80 years.

2013   Leicester Mercury (Nexis) 9 July 6   Leicester Homelessness Council spokesman..said: ‘I think it [sc. the reduction in the number of hostel beds] will totally decimate the services.’

polymaff

bowlhead99 said:

Unfortunately for lovers of tradition, language evolves; if people misuse a word, it starts to mean what they mean it to mean, ...

Hmm. Whatever you say, Humpty Dumpty. ...

eskbanker

moneysavinghero said:

According to the BBC:

As government spending increased to fund the response to the coronavirus crisis, so did the amount that NS&I was asked to raise for the government. In July, its target was increased from £6bn to £35bn

Is that £35 thousand million or £35 million million?

* lights blue touch paper and stands well back *

Biggus_Dickus

Why not reduce the Income Bond rate to 0.00% and have done with it;

...reducing it to 0.01% just feels like they’re taking the p1$$

polymaff

Biggus_Dickus said:

Why not reduce the Income Bond rate to 0.00% and have done with it;

...reducing it to 0.01% just feels like they’re taking the p1$$

I guess that it is just a tradition being followed by NS&I.  Remember that they reduced the coupon on Index-Linked Saving Certificates to 0.01% some years ago.

It was somewhat later that they realised that this made a mockery of the early cash-in penalty of 90 days of interest.

Biggus_Dickus

eskbanker said:

moneysavinghero said:

According to the BBC:

As government spending increased to fund the response to the coronavirus crisis, so did the amount that NS&I was asked to raise for the government. In July, its target was increased from £6bn to £35bn

Is that £35 thousand million or £35 million million?

* lights blue touch paper and stands well back *

...

Ciprico

maybe the govmt want us to spend our money...., 

Uxb1

Indeed but it is well established that that section of the population which 'saves' reacts to reductions in income from their savings by reducing their expenditure still further to compensate for the loss of income.

Biggus_Dickus

polymaff said:

ffacoffipawb said:

polymaff said:

bowlhead99 said:

polymaff said:

lhsecons said:

Firstly the rates haven’t just been cut, they’ve been decimated. ...

If only !

The income bonds have gone from paying over 10x base rate to 1/10th base rate, so have lost over 99/100ths of the rate they were paying, somewhat worse than just losing a tenth!

You do realise that gross misunderstanding/misuse of the term "decimated" was the point I was making?

It is correct to say that their decimated rates have been decimated though.

No it isn't.  You would have to decimate 1.16%  FORTY-FIVE times to end up with the interest rate proposed for Income Bonds.

English Language teaching in the UK over the last FORTY-FIVE years has a lot to answer for.

Maffs and Inglish was taut proper when I was a lad,.its all gon to bollox now though. Just like the Incum Bond rate.