Thread: Coronavirus
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Old 16-10-2020, 21:32   #311
jfman
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Join Date: Dec 2004
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Re: Coronavirus
Quote:
Originally Posted by RichardCoulter View Post
The Bank of England has now asked banks to gear up for negative interest rates!!![COLOR="Silver"]

Low interest rates negatively affect those without mortgages etc who have capital saved. If negative interest rates become a reality, it will actually cost people money to have savings!!

These are likely to be older people who are more likely to be Tory voters.

On the plus side, it might make people think it's not worth saving and they will spend it instead, which will help the economy. There again we may see people once again stuffing their savings in cash under their bed.
I can't see anyone taking the risk of shovelling thousands of pounds under the bed to save themselves losing a fraction of one per cent on interest rates - if that was passed on to the savings end of the market.
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