No, because the problem is not about us, it's about banks lending money to other banks - no-one's lending to anyone at the moment!
Can you tell me why Gordon 'Prudence Brown' is so concerned with giving money to those who wouldn't look after their money by putting a little by for the rainy day? Why is the same G. P. B. so unconcerned about helping those who did lay by for the rainy day?
Could it be that he thinks there are more votes to be had in the first lot?
It should be forced on the banks etc to pass on the cut in interest rates, otherwise us hard working people do not benefit .... as usual. No point otherwise, as we still continue to struggle to pay our monthly outgoings !!!
Yes The Banks & Building Societies Should Definately Be passing on
the Interest Cuts to Help the Public. As every one Needs a place to
live in dont they?? its all our hard earned money. Banks & Bldg societies
ALL Make a lot of money out of there customers with investments,savings stocks & shares etc.
I dont think people really realise how much they are really
paying over the 25 year term either, its actually about 4 times the
cost of the mortgage a person loans from there lender.
As Labour has a duty to the public to help us all some how,through
these difficult times & year ahead. They should also scrap the 5%VAT
on ALL Household Utility bills, as we cant claim that back.
Except companies who can. Gordon Brown should have Control & STOP
the Utility suppliers putting up the costs when its suits them,
its been 3 times this year,because We all DONT Get a Wage rise that often. Then they all annouce they have made Huge profits ??..Out of the Public of course..
NO Why give more money to those who are over-committed, whilst pensioners who have saved for years and been really careful will be left with little or no extra income to live on. At 75+ we cannot suddenly get a job to earn money.
Not everyone earns enough to build up savings! Those who could put money by 'for a rainy day' are, presumably, on a higher wage and don't need so much help.
Similarly, I'm getting a little sick of hearing everything the government is going to do, or not do, to help anyone with a mortgage - what about those of us who are renting? What help do we get?
Why should prudent savers now support people who live on credit, and credit cards, and who have built up big bills.
Saver's are now suffering, and Brown is trying to get saver's to spend their money. It was that,which got us in this mess in the first place. Remember if it wasnt for the saver's the banks wouldn't have any money anyway.If saving rates drop much more, then savers will be removing their money from the banks into commodities.
Banks are able to lend money to people because other people deposit money with them. They do this because banks pay an amount of interest and the more they pay will encourage people to deposit more and therefore more money to lend to others. If banks reduce their interest rates to such a degree that people do not invest their money, then there be no or little money to lend to others. So no, banks should not pass on all the rate reduction in full and should consider the pensioners who have not squandered their money and got themselves into huge debts.
NO. The Bank rate is very little to do with the lending rates. The problem is that the Interbank rate is much higher because banks are concerned at their own stability. This is partly due to the Brown/ Darling bail-out being charged at 12% p.a., 600% higher than the Bank Rate. Do not accept all you hear from Gordon Brown.
Many people will be facing financial hardships due to job losses etc. Banks, Building Societies and all mortgage lenders should be forced to reduce their rates. My friend who is with KENSINGTON Mortgages is paying 7.95% which is absolutely DISGUSTING when the Bank of England is at 2% and forecast to reduce further!
Yes but... whilst I believe people should be helped out with mortgage interest rate cuts there is a danger that if mortgages are cut too far some of these people will not save the reduction in their mortgage or pay off credit, instead they will go and take out more credit ( new car, holidays, xmas etc) as they feel they can afford it then what situation will they be in when interest rates rise again.
Cal me cynical but the Government is just playing lip service to us. It looks good to be "heard" to say banks should pass on the cuts.
No the people the banks should be looking after are their savers as we are the ones that help the banks.
Yes - The banks have been saved at our expense, yet no such substantial assistance has been extended to large and small retailers to help them through the recession. We are in the process of losing Woolworths - a high street institution, and whilst not suggesting they had no part to play in their own demise, surely something could have been done to at least help the employees who will be out of a job as a New Year present from the incumbent Govt.
Banks are also for savers. Savers who have put a bit by, have not borrowed are now suffering for their prudence. On the other hand borrowers have been rewarded. The banks however have been wrong to throw loans at people, who take easy money without a thought as to how it is to be repaid. sadly brown and darling are doing the same with VAT etc. A better solution, a tax free holiday on savings, so even lower rates without tax help prudent savers, reduce debt throughout the UK . This vat cut is only resulting in more people using plastic to borrow for imported goods, it does not reduce heating costs, put food on the table and help pay Council tax. No doubt this will rise as central government have less to give councils. He gives with one hand and takes with another.
Yes and no! They should pass on interest rate cuts but these would be cuts to the inter-bank lending rate 'LIBOR' and NOT the Bank of England Base Rate cuts as it would be totally unreasonable to expect then to give a saving which they themselves have not been given.
No- The banks should continue to pay reasonable intererst to savers. Too much has already been done for the irresonsible and stupid that have built up unafordable debt at the expense of the prudent that have built up savings. Enough is enough!
YES THEY SHOULD
We are all in uncharted territory at the moment and no one knows what is going to happen. It makes no difference that interest rates are coming down if people are worried about their jobs. Many people are so committed that spending needs to stop and saving needs to become a regular habit again. A period of consolidation is now required. We produce nothing in this country anymore so it is not surprising that the financial sector willshed the most jobs as business tries to reduce costs. World wide business is slashing costsand expenditure on new capital projects is being slashed. The government is looking only at the next General Election and spinning for all its worth. What it should be doing is reducing taxes and letting earners keep more of their own money, but hey this is a tax and spend government. Labour will never change its spots and most people are so ignorant they have not got a clue and do not seem to care a dam! This is still rip off Britain and we are all the poorer as a result. A period of hair shirt wearing will be a good thing. Things will eventually improve but at what cost.?
If we all put money aside 'for a rainy day' we would have an economy like Germany and really be in trouble. If everyone stops spending it will get worse very quickly!
Because he is a useless unthinking PRAT with no consience or ability.
What on earth is a CAPTCHA
I heard, albeit a few years ago, that there are 7 savers for every mortgage borrower. If the rate cuts are passed on to borrowers then they also need to be passed on to savers. As a pensioner who has a large part of his income derived from the interest on is savings, every rate cut makes me significantly poorer. If the interest rate drops further I will have to rely more heavily on the state.
At 75+ I should be right in presuming you do not have a mortgage on your home. As my husband and I are only in our forties, unfortunatley,we still do. We got married 22 years ago, bought a home then had a child. We both work so have never been eligible for any government help with anything. The interest rate rises in the early nineties nearly cost us our home. We had to re-mortgage due to redundancy, work hard and struggle through.
We both work for Builders Merchants now so our jobs are no longer safe. Our retirement age has been extended by the government and we have to pay a lot of money into company pension schemes each month because we will not be guaranteed any government pension.
Our outgoings have increased just as yours. Our government decides to give public money to bail the banks out when they have been irresponsible with their "fat cat" salaries. Why do you prefer the Banks to have the benefit of the interest rate cut instead of normal hardworking people like ourselves? Bear in mind, the banks will have no hesitation in cutting your rate of interest on your savings so their laughing all the way "to the bank".
I totally agree but I am beginning to think the Government is cutting the rates just to help the Banks out even further. If the banks dont pass the cuts on, I would be interested to see what they would do if the Bank of England increases the rates within the next few months. Would the Banks pass this on?
Do you class having a mortgage as "squandering your money"?
In hindsight my husband and myself should have done things differently. We should never have got jobs, got married, bought a house and then had a child. We should have had a child, split up and claim incapacity benefit through stress, then each claim a 2 bed council home so the child could spend a few nights a week with both of us
Instead, we chose to have a noose round our neck called a "mortgage" and you seem to think this is "squandering".
When the rates go up, they go up, when they come down, they dont.
The Banks have been bailed out with public money. Money my and other generations will pay for in the future. The Banks will automatically cut the interest rate on your savings and will make higher profits by not passing the rates on to people with mortgages. The Banks are the ones squandering money, not hardworking people who have to pay £150,000 for a home that you probably paid only £5000.00 for many years ago. As for savings, we have to pay a lot for a private pension because we will not be guaranteed a state pension when we retire. We also have to work for longer now the government has increased the age of retirement.
Thats what all the parties do. That is all they have ever done.
Finally, someone else who realises we are being had. Well said.
Without the borrowers, the Banks would have no money to give the savers so you might as well stick it under the mattress. You may find you have to pay a lot more for it to be insured under your home contents insurance though. Contact your bank for a quote. I'm sure there will still be one or two "fat cats" happy to take your money.
Yes, they should.50% of the interest rate cut at least. THEY are being helped, why not us too...???
ps Greed (in america) started this off and greed is keeping it going....
The banks should continue to pay reasonable intererst to savers
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