Savings: A warning for savers as interest rates predicted to rise six fold

iStock_000007329749XSmallMark Carney, the Governor of the Bank of England, has predicted that interest rates could rise to 3%, a six fold increase on current levels, by 2017. After five years of low interest rates, savers would of course welcome such an increase. But the uncertainty over the timing of any rate rise, makes planning tough for savers, especially those making end of tax-year Cash ISA (Individual Savings Account) contributions. How long should savings be tied up for?...

Savings: Disappointment for savers as interest rates “nowhere near” return to “normal”

Piggy bank with bandage isolated on pink backgroundThe UK’s beleaguered savers, will have been left disappointed by the last public appearance of the outgoing Governor of the Bank of England. Speaking to the Treasury Committee, Sir Mervyn King said that interest rates were “nowhere near” returning to “normal”. He went on to say that an increase to interest rates and the unwinding of the Quantitative Easing program would only start have a significant improvement to the economy. Over the past few ...

Anger at banks for causing recession is justified says Mervyn King

Bankers are responsible for the poor state of the economy and higher living expenses. The recession was caused by the financial services sector and the real cost is being paid for by the innocent public. The Governor of the Bank of England is surprised that the publics' anger towards the bankers who caused the recession has not been greater. Mervyn King told members of the Treasury Select Committee that the financial services sector was responsible for the fall in household incomes and living standards.