What should savers say to the MPC?

Recently we have written to the Chancellor and set up an e-petition. We will be at the Conservative Party conference this weekend, asking why the Tories are not keeping their promises about helping savers.

But, as many of you have said that you want to get involved in making the voices of savers heard, we are also about to hold our first demonstration. On Thursday October 6th, from 11am to 1pm, a group of savers will gather outside the Bank of England. Inside, the MPC will be meeting to set the base rate and nobody is predicting an increase. With CPI inflation at 4.5%, we need to remind the MPC that its role – defined by The Bank of England Act – is to keep inflation to the government’s target of 2%. Judging by a speech he made this week the MPC’s newest member, Ben Broadbent, appears not to have bothered reading the MPC’s remit before voting to keep base rates unchanged.

Those who feel able to come and join us are very welcome, though it would help if you let us know if you do intend to attend. We asked in our newsletter for some slogan ideas to go on placards. Perhaps unsurprisingly we’ve had plenty of ideas. Among them are:

MPC Votes For Inflation … Continue Reading

It’s Our Money

Look after the pennies and the pounds will look after themselves!

I’d expect that to crop up somewhere in a conversation between a saver and a borrower… The trouble is neither you nor I are looking after our pennies, when those with the pounds are looking after themselves very nicely thank you. In fact, if I had a penny for every time someone complained about banking, I could probably open a bank!

In one corner, we have the likes of Uk Uncut, sitting in the branches of tax evaders, in another a coalition of anti-poverty charities campaigning about Better Banking, then there’s your good selves, calling for a tax suspension on savings and finally, Zero-credit, campaigning for borrowers’ rights. … Continue Reading

Savers lack of confidence in Government policy

The last decade has seen a massive growth in the level of personal debt and we are faced with a generation who have been encouraged to borrow first and save or rather pay back later. Neil and Margaret Bloomer, supporters of Save Our Savers, express their concern at how this was allowed to develop and call for a return of financial responsibility.

The situation will not be stable and sustainable until the correct balance is achieved between consumption, borrowing and saving.  This was the established rule accepted by previous generations, both the general public and professionals.

At this time, however, we have no faith that the “powers to be” will deliver this and reward responsible people for being sacrificed over the last decade or so for the irresponsible (“Savers sacrificed for borrowers”).  We feel let down and angry at this situation and suspect that many, many others share the same views as us and would support a focused and intense rally for a return to rewarding financial responsibility. … Continue Reading

Special pleading for grafters

Although technically the state pension is not a form of saving, is it fair that many very hard working people who will contribute throughout their working lives towards other peoples’ state pension will receive little or no benefit for themselves?

Barbara Morris is a health visitor with firsthand experience of helping people cope with the effects as a life time of manual work starts to take its toll.

Living in the Black Country with light and heavy industry on every corner, men and women who work all their lives in these industries are quite physically worn out by the time they retire.  All many of them can look forward to, is tending the garden for a few years before an early death.

Not for them gradually winding down, shortening their hours, enjoying the fruits of a life well-lived; they can either do the job as well as a younger, stronger person, or leave. … Continue Reading

Why savers must act together

Below I have published a letter sent to the Prime Minister and his Deputy from Sharon Dawe, a member of Saver Our Savers. Below that is a copy of the reply she received.

Dear Mr Cameron and Mr Clegg

I am a fifty year old mobile hairdresser who meets a good cross-section of the general public.  What I see saddens, frightens and appals me.

My customers aged fifty plus can no longer afford to have their hair styled regularly.  These people are savers, they are not rich people, they have done nothing wrong, indeed, to quote you, Mr Cameron, they have done the right thing.  Far from being rewarded they are being robbed by near-zero interest rates, rising inflation and the devalued pound.  And they are too old to earn their way back to financial security.  They do not wish to tie their modest savings up for years or invest in risky assets.

… Continue Reading