TV News LIES

Tuesday, Mar 03rd

Last update11:27:31 PM 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...


IRS Audits of High-Income U.S. Households Drop to 6-Year Low

tax auditThe U.S. Internal Revenue Service, struggling with a smaller budget, audited 7.5 percent of households with...

HSBC Got Away With Buying Cocaine Plane

HSBC Cocaine planeWhile the Justice Department was busy prosecuting American HSBC customers for tax evasion, it has taken...

Walmart Gives 500,000 Workers A Raise

walmartIn a move that could alter the minimum wage debate and improve the image of the...

A more robust US job market adds 257K positions as pay jumps

jobs increaseU.S. employers added a vigorous 257,000 jobs in January, and wages jumped by the most in...
 
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!