Another severe blow to savers.Not very helpful to borrowers either as the lowest rates are 8 or 9% for loans. What is the point of having such low rates?stocks are still in the doldrums,and it doesn't seem to be helping the economy at all. Why not leave it at 1.5% so you can get
2% on your savings?
How else are banks supposed to improve their appalling balance sheets? (Forget the bail-out, that money has already disappeared!)
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By attracting savers?
Neil
The easiest way for banks to improve their balance sheets is to leave interest rates for mortgages relatively high (compared to the cost of money) whilst reducing savings rates so that they will not have to pay out. And don't think you can take your money elsewhere - this is an oligopoly we are talking about!
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They could start by not paying bonuses, especially to the senior management to whom many attribute at least part of the blame for our current financial crisis.
You don't think I have sympathy for the banks, do you?!
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