Savers Must Unite To Save themselves

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by: MarkeD
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Date: Sat, 27 Mar 2010 Time: 3:51 AM
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Savers are becoming increasingly disconcerted with the poor savings rates being paid by banks and building societies across the UK, and on the back of this, an action group has launched in the hope the government will take action. Confused.com invites new action group Save our Savers and one of its founders to tell us more about its plight for savers.

Is it time for savers to take a stand?

It is time for savers to fight back. There are over 24 million savers in the UK; our savings provide the working capital for the economy, yet time and again successive governments have removed the incentives to save, promoting a culture of borrowing and consumerism over that of saving and responsible spending. The prudent are now being punished for the excesses of the few. Save our Savers is the first organisation to bring savers together into a union to defend themselves.

Britain's debt-laden economy is teetering on the brink of further collapse and only the restoration of a healthy savings culture can hope to rebalance this deficit. Saving must become a cornerstone of government policy. The government must set a target for the household savings ratio, of at least 8 per cent over the long term and encourage, incentivise and reward savers to achieve this. Not doing so will simply result in a poorer life for us all in the UK.

Possible moves to help savers

Among the steps Save Our Savers will be proposing are the introduction of a tax free allowance to cover all savings interest and re-introducing the tax rebate that was removed from pension funds in 1997. Maybe the politicians can come up with further incentives, in which case lets hear what these are.

In the past, many of the issues we are raising have gained media attention but no response. Many very clever and well resourced think tanks have come up with thoroughly researched policy ideas, only for them never to surface again.

These lone voices failed through lack of any public support. The majority of the population may be savers, but they are a very silent majority. Our aim is to give this silent majority a voice; we want to unite savers into an independent action group that will fight for recognition on their behalf. Like a trade union we will speak up for our members and take steps to demand action and resolution from the government. We will co-operate and cajole, but if we are not listened to we will take action.


What you can do to lend your support

Don't just think there is nothing that can be done. At our launch in January, Frank Field MP supported us and challenged us to organise a million signatures on a petition demanding a better way and a fair deal for savers.

So if you are unhappy with the unfair deal savers in this country are getting, lend your support to Save our Savers by becoming a member for free and sign our petition at www.saveoursavers.co.uk.

Got something to say about the action group? Or savings rates in particular? Then add your comments below. We at confused.com want to hear your thoughts.

About the Author

Savers Must Unite To Save themselves was produced by Jason Riddle from confused.com, the savings comparison website, one of the founders of 'Save our Savers'.