There are seven times more savers than borrowers and already the building societies are getting concerned about where they are going to find the money (from savers) to give to those requiring a mortgage!
'Those paying only the interest on their mortgage deal will see an even bigger drop from £187 a month to £125. Only 10 months ago they were paying £687 a month.'...this is a disaster waiting to happen.
Might be good to organise a Savers Union if there's so many of us, and threaten to take savings out of building societies. No loss to us if rates are at zero. Lets see banks make their profits from loans then.
In US, any bank that got gov money has a ceiling on pay - our lot refuse to even consider it. Bankers.....!
So, do you think we savers don't spend anything then? Why do we save? so we can spend a little more than the pathetic state pension allows and perhaps enjoy our old age. I am all for taking our money out of the banks and building societies but you saw what happened when they did that at the Northern Rock, they didn't have the cash. it's all only on paper!!!!!