Re: The UK's economy becomes more unbalanced : Sat Mar 16, 2013 7:08 pm  

Dally wrote:

If we'd allowed (or been in a position to allow) things to take their natural course these companies would have already gone bust, the crap banks would have and house prices would have plummeted. By now we'd be in recovery mode.

And all the sanctimonious Middle England types who like to brag about how they are "savers not borrowers" and "did the right thing" building up their pension, funds for their children etc, would be whinging no end when their savings had been wiped out when the banks crashed.

Re: The UK's economy becomes more unbalanced : Sat Mar 16, 2013 8:04 pm  

JerryChicken wrote:

Or alternatively we'd be bust and so would most of Europe, unemployment the highest ever recorded, house repossessions double or triple what they were in the early 90s and a government helpless to assist in any way.

There is a reason why all parliamentary party's voted to bail out the banks in 07/08.

I never suggested the banks be allowed to go under. But the other things - maybe.

Re: The UK's economy becomes more unbalanced : Sat Mar 16, 2013 10:49 pm  

With Cyprus imposing a 10% tax on people's savings to help save the economy, could that happen here! Effectively, UK policy has been to do the same thing by stealth but the way things are going could it become overt policy? Could there be a run on the banks as a result of the Cypriots policy?

Re: The UK's economy becomes more unbalanced : Sat Mar 16, 2013 10:49 pm  

With Cyprus imposing a 10% tax on people's savings to help save the economy, could that happen here! Effectively, UK policy has been to do the same thing by stealth but the way things are going could it become overt policy? Could there be a run on the banks as a result of the Cypriots policy?

Re: The UK's economy becomes more unbalanced : Sun Mar 17, 2013 6:06 am  

Dally wrote:

With Cyprus imposing a 10% tax on people's savings to help save the economy, could that happen here! Effectively, UK policy has been to do the same thing by stealth but the way things are going could it become overt policy? Could there be a run on the banks as a result of the Cypriots policy?

They can have 10% of mine, so long as they can collect if from The Bank of Under the Mattress

Re: The UK's economy becomes more unbalanced : Sun Mar 17, 2013 7:44 am  

Dally wrote:

With Cyprus imposing a 10% tax on people's savings to help save the economy, could that happen here! Effectively, UK policy has been to do the same thing by stealth but the way things are going could it become overt policy? Could there be a run on the banks as a result of the Cypriots policy?

They are quite welcome to take 10% of my savings.

When they do then maybe they can tell me where the other 90% is because I'm unaware that there is anything left at all.



On a similar theme I have received a letter from a company called Equiniti this week advising me that I may have uncollected assets in the form of dividends or shares that I am unaware of.

The unaware bit is correct but for a small stipend they will advise me of what they are (a percentage of the takings), so the reply has gone back to them - here I come, lottery winnings time, I'm back in the money again ...

I do note that on their scale of charges they start from a finders fee of £0 for amounts under £10, so haven't ordered the Bentley just yet.

Chances are that I will OWE somebody something...

Re: The UK's economy becomes more unbalanced : Sun Mar 17, 2013 1:23 pm  

Dally wrote:

With Cyprus imposing a 10% tax on people's savings ...

It isn't.

[Kosh]

Re: The UK's economy becomes more unbalanced : Sun Mar 17, 2013 2:50 pm  

Mintball wrote:

It isn't.

Between 6.5% and 10% dependent on how much savings you have isn't it?

And technically not a tax but a one-off levy.

Still seems unjust to penalise savers for their banks being idiots.

Re: The UK's economy becomes more unbalanced : Sun Mar 17, 2013 10:11 pm  

Dally wrote:

With Cyprus imposing a 10% tax on people's savings to help save the economy, could that happen here! Effectively, UK policy has been to do the same thing by stealth but the way things are going could it become overt policy? Could there be a run on the banks as a result of the Cypriots policy?

No because even the Tories aren't that stupid. That hasn't been UK policy, despite their being no such thing as UK policy, but neither HMG or BoE policy has been to do this, either secretly or overtly. Yes there probably will be.

[DaveO]

Re: The UK's economy becomes more unbalanced : Mon Mar 18, 2013 11:20 am  

Dally wrote:

With Cyprus imposing a 10% tax on people's savings to help save the economy, could that happen here! Effectively, UK policy has been to do the same thing by stealth but the way things are going could it become overt policy? Could there be a run on the banks as a result of the Cypriots policy?

It may not be legal to do this under EU law. Not sure of the details but I have seen this mentioned in the press.

It may have something to do with it undermining deposit guarantee schemes. They are there to protect you if the bank goes bust but preventing it going bust by nicking your money anyway would seem to make them worthless.

Many Cypriot savers would I imagine, be better off if the banks went bust and the guarantee's came into effect.