Savers losing out in flight to safety
Banks and the Treasury claim the move will cover up to 98% of savers, but that leaves 1.1m people above the threshold and they own at least 40% of deposits by value, according to investment bank Credit Suisse. This means some £500 billion of savers’ deposits remains unprotected.
In the midst of the worst financial meltdown since the Great Depression this token increase in protection by the Government looks feeble and inadequate. Confidence inspiring ?......quite the reverse. Comment by Anthony Fisher on the article above.
A case of too little, too late?