To: BANK OF ENGLAND, CHAIRMEN OF BANKS
RETURN TO FAIR BASIC BANK RATE
Return to a FAIR BASIC BANK RATE.. The bank rate should be equal for investors/savers and borrowers. If you save you should receive (example 5% interest) if you borrow you pay (example 5% interest). Equal both ways.
Why is this important?
It is important because it will encourage people to save with confidence and help to restore faith in Bankers who are regarded as social pariahs.
At the moment investors are being short changed, interest on savings is a national disgrace.
It is a much fairer scheme than the one currently in place because it could prevent
savers interest being paid as rewards to bankers who gamble and lose their money. Fair rewards should go to the people who invest in the banking system. It is them who keep the bankers in jobs.
Question: Why should people invest hard earned money into banks who use it to make millions of pounds, pay themselves enormous bonuses but refuse to acknowledge the
debt they owe to the public by giving such poor returns on their savings. It is public money (i.e tax) which keeps the banks afloat.
When I opened a bank account the bank rate referred to savers and borrowers alike,e.g 5% each way. This should be the rule now.