George Osborne mentioned “savings” 41 times in his 2010 spending review. But when the chancellor uses that word he means cost cuts, not nest eggs. Putting away money for a rainy day is a culture that has got lost.
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Here is the good news. There is some good news. It is a rash politician who mentions green shoots until they have become sturdy plants, but there are signs of economic improvement.
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The MPs on the Public Administration select committee have now added their calls for Equitable Life pensioners to be compensated, but who should pay?
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The chancellor’s hints of helping savers by waiving income tax is pointless. Receiving 100 per cent of next to nothing is still next to nothing.
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Why are prudent savers compensating those who took risks? The new Banking Bill should not guarantee the ridiculous interest rates offering by dodgy banks.
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There is state support for borrowers and public-sector help for banks; it’s only fair that there should be government aid for savers too. It wasn’t savers who got us into this mess.
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What on earth were people thinking of when they put their savings in an Icelandic bank? What on earth is the chancellor doing baling-out those savers?
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