I do wonder what is going on at the heart of the UK Government.
The Government owns RBS. The Government introduces a 0.5% interest rate cut to help boost the economy. RBS refuses to pass on any of this rate cut to customers (myself included).
It's remarkable, the bank is clearly, brazenly flouting the Chancellor's wishes and yet Brown and Darling have the 50%+ stake in RBS to insist the rate cut is passed on.
I just don't get it. Who is ruling who?
Saturday, March 7, 2009
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6 comments:
I don't get it either Jeff. All this money being poured into these financial institutions who just use it to prop up their bad debts.
Fourteen years ago I started a small business with my own money as I was refused a bankloan. Each year since I've ploughed most of the profit back into the business and I have no debt. It appears these days that every business, no matter how small, runs on an overdraft and that can't be right. It's bad management. Fair enough I don't have staff to pay and I can understand cash flow problems in that area we must clean up this debt-ridden country before we start to rebuild in a healthy manner.
Sadly, the people with money to help this are holding onto it like mad and I don't blame them in the least.
You're right Subrosa, I guess I am being somewhat disingenuous when I say I don't get it. Of course RBS will want to maximise income from mortgages will still saving money via interest rate cuts.
But the Chancellor is the second most powerful man in Britain, or at least he should be. His authority is being severely undermined and that is a very worrying path to be going down.
I always thought Labour had the worthy philosophy of harnessing business for social ends? Not much harnessing going on from what I can see other than an open cheque book.
they will pass on the interest rate cut when it comes to ISAs.
I have had a savings account with comfortable over a thousand pounds in it(small fry I know,m but I am astudent) for well over a year, and I have just been given a whopping 38 pence intereset on it!
Ah, you have the nail hit there Holyrood. The interest rate is a PR stunt and a way to rob the savers of their interest. The interest the bank charges helps to keep the banks income up, and thus is really just a stealth tax since the banks are now owned by the taxpayers.
So I would suggest you pay off any debts. Use credit cards which pay you cashback, but pay the balances promptly in full.
If you have money left, keep it in the ISA. In a year or so we will have inflation around 10 percent. The next evil Tory government will have to hyke interest rates to get that inflation back under control, and your ISA tax free status will come into its own. And that's before the tax rate increases that will be needed to bail out the treasury bill.
Labour. I hope they are never elected again. Ever.
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