BUT CERTAINLY HARD TIMES!
With the British people facing austerity unseen for decades it’s clear that the government are strapped for cash (or so they say), hence all the cuts in public spending etc. It’s also the reason we’re being told to be more self-reliant; expect less from the state and provide more for ourselves.
Certainly the governor of the Bank of England, Mark Carney, has made it clear that he has no intention of increasing the interest rate anytime soon, despite having previously indicated it would happen as soon as inflation & unemployment falls. This being intended to keep mortgages low and help people spend.
Well, guess what, inflation & unemployment are both down (according to the governments “O.S.A.”), yet there’s no sign of any increase in interest rates. A good thing some may say, but wait. With incomes continuing to fall behind expenditures, meaning people are getting poorer, how – rather what – are people supposed to spend. It can’t be “credit”, living on that is the reason for this predicament in the first place.
Going back to the “self-reliant” theme; savings are what many people are relying on to get by, yet with interest rates at their lowest for years there’s virtually no return on savings or investments, so how long can people expect those to last?
It’s about time politicians and financiers realised they need to redress the balance between spending & saving. Far too much emphasis is placed on the former, yet without savers there’d be no spending!
Let’s see savers get some thanks for their efforts for a change!