Scrap Banking Guarantees for Savers

[OwlHoot]

If this is implemented, or many people come to believe it might be, that would at least have the merit of giving banks and governments a much harder time trying to persuade people to accept NIRP or even the abolition of cash. So in that respect this think tank are doing us a good turn by raising the issue.

[The Spartan]

Definitely as it makes me think more about where to potentially put my money and what to do with as opposed to keeping it in a bank.

[MrMarkyMark]

Gold - it's the only way to be certain

That's what Gordon Brown "thought"

[DimPrawn]

What about your company account? With your tax money in there plus your warchest, it all goes pop with the bank.

Suddenly HMR&C are breathing down your neck for the tax money, next up, lost your home and are living on the streets as a bankrupt.

[MrMarkyMark]

Suddenly HMR&C are breathing down your neck for the tax money, next up, lost your home and are living on the streets as a bankrupt.

Don't really see any issue, you need to focus on the bigger picture and help GB's economy.
No wonder we are in such a mess, I don't even think Corbyn, the bearded crusader, can get us out of it.

[AtW]

Guarantee is there to prevent sudden mass withdrawal of deposits in event of turmoil - especially important in age of social networks where panic can spread quick.

Most people in UK don't have any cash of that size anyway, and the real scandalous thing is that guarantee is not for FULL deposit, ffs, £75k is not enough to buy a good car these days.

[Troll]

Most people in UK don't have any cash of that size anyway,

But we are not "most people"

[MrMarkyMark]

ffs, £75k is not enough to buy a good car these days.

Are you saying this is not a good car, yours for just over 11K?

[vetran]

Guarantee is there to prevent sudden mass withdrawal of deposits in event of turmoil - especially important in age of social networks where panic can spread quick.

Most people in UK don't have any cash of that size anyway, and the real scandalous thing is that guarantee is not for FULL deposit, ffs, £75k is not enough to buy a good car these days.

spread over multiple banks and you can save ~ £1m.

[AtW]

spread over multiple banks and you can save ~ £1m.

Guarantee is per banking license - a number of "banks" now work under umbrella of same group with a single banking license, so you might be in for a surprise thinking you had it all covered...

A better way of doing it is this: pay some bum on a street a fiver a month for him to keep deposit in his name. Perhaps some some mobile based aggregation service for bums to provide such services could be my plan B...