TV News LIES

Friday, Mar 27th

Last update05:44:19 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...


Exposing America's Billionaire Welfare Ranchers

billionaire welfare ranchersAmericans love ranchers: Gritty ranchers, mom-and-pop ranchers, renegade ranchers — especially those who raise livestock on...

$10 Million Subsidy Allows Time Inc. To Cut Over 900 Jobs With No Penalty

Time, Inc.Despite being given a $10 million job-creation subsidy by New York State, Time Inc. will still...

AIG investors' $970.5 million settlement wins U.S. court approval

AIG settlementAmerican International Group Inc (AIG.N) shareholders won approval on Friday of a $970.5 million settlement resolving...

Obama to announce changes for student loan repayment

Obama to change student loan repaymentsPresident Barack Obama is slated to speak to students at Georgia Tech on Tuesday about how...
 
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!