TV News LIES

Wednesday, Aug 27th

Last update05:28:58 AM GMT

You are here News Economy Even in recession the rich get richer: Savers have been hit for £70bn as printing money 'helps rich' admits Bank of England

Even in recession the rich get richer: Savers have been hit for £70bn as printing money 'helps rich' admits Bank of England

E-mail Print PDF

Record low interest rates have robbed savers of more than £70billion while printing money to revive the economy has mainly benefited the rich, the Bank of England admitted yesterday.

But critics have long claimed that ultra-low interest rates have hammered Britain’s army of savers and the decision to print money has led to a ‘death spiral’ in pensions by slashing annuity rates.

Savers have lost out heavily since rates were cut from 5 per cent in September 2008, with some claiming the loss is nearer £100billion when inflation is taken into account.

The Bank yesterday admitted that savers were among the biggest losers from its policies and the richest families the biggest winners – with QE boosting household wealth ‘by just over £600billion’ as the value of shares and other assets recovered in the wake of the financial crisis.

More...


Most Recent Related Stories...


Goldman Sachs agrees to $1.2bn settlement over mortgage bonds

Goldman SachsGoldman Sachs has agreed to a settlement worth $1.2bn (£723m) to resolve a US regulator's claims...

Labor sharks sink teeth into low-wage immigrant workers

Wage theftWhen Ophelia Hernández, a 53-year-old clothing store owner from El Salvador, got working papers to come...

BofA in $16.5 billion deal with U.S. over mortgage bonds

Bank of AmericaBank of America Corp is expected to pay more than $16.5 billion to end investigations into...

Cisco to cut another 6,000 jobs as forecast falls flat

Cisco layoffsCisco Systems Inc (CSCO.O) forecast tepid current-quarter results and said it plans to cut another 6,000...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!