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Govt could help savers
Published: 05/01/2009 |
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Gordon Brown has said the government could offer savers help if they faced low interest rates. He said he was "very conscious that people have saved money all their lives, need the best deal that is possible". His comments came at the start of a week in which the Bank of England is again expected to cut interest rates. The reduction would help cheapen mortgages but leave consumers with very little return in interest on their savings accounts. "It's necessary at the moment for the economy to have low interest rates, I think most people would agree, for there to be economic activity," Mr Brown explained. It is possible Alistair Darling will increase the tax free allowance granted on Individual Savings Accounts and cut the income tax pensioners pay on savings. Liberal Democrat spokesperson Vince Cable has suggested first-time buyers be helped by a standardized mortgage, guaranteed for its first few years.  |
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