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7th November 2009
Although the announcement that strike action by postal workers had been put on hold until after Christmas made headlines in most of the financial press on Friday morning, there remained more than enough concern about banking and the economy generally to fail to spark any real optimism.
The last minute decision by General Motors not to sell its Vauxhall and Opel operations in Europe, sparked by better than expected car sales in the US, caused considerable anger and political embarrassment in Germany where the government had backed the sale. The move produced mixed reactions in financial markets, and looks set to rumble on for some considerable time both politically and financially despite direct contact between US President Barack Obama and German Chancellor Angela Merkel to achieve agreement.
Interest rates for savers
are still going down? On the face of it, it seems extraordinary that when
the Bank of England has just announced it will keep the base rate at 0.5% for
the eighth month in a row, many savings accounts are actually reducing the rates
paid to savers. Surely the logic is that interests must rise soon, and
therefore banks should be thinking about attracting savers with higher rates?
So? We can't expect as much of a return on our savings. We can't have it both ways, and there's no "quick fix" for it.
Is there an answer that will sort out the problem for so many who depend on income from their savings?
Well, yes, there is. But don't necessarily expect it to work for you. I only mention it because it has clearly worked for two UK individuals last night, Friday 6th November. I should only point out that we can't all expect to win £45,000,000 on the Euromillions Lottery every week.
I can only hope...
7th November 2009
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