Savers

Part of Opposition Day — [1st Allotted Day] – in the House of Commons at 5:33 pm on 21st January 2009.

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Photo of George Mudie George Mudie Labour, Leeds East 5:33 pm, 21st January 2009

The hon. Gentleman mentions fear, but is there not another matter that I hope, in his pragmatic and common-sense way, he will raise, which is the interest rate paid by the banks, and the fact that while they would not pass on the rate cut for borrowers, they passed on the cut to savers? When Barclays now has a rate, not unusual and copied by many others, of 0.01 per cent.—in other words, a pensioner putting £1,000 in would get £1 a year interest—surely that must have a greater effect than anything that we can do on getting people to save.

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