Politics: Savers Protest Bank QE Measures



Save Our Savers campaign rail against Bank asset-buying programme

Save Our Savers campaign rail against Bank asset-buying programme

On Thursday, savers looking to protest the latest Bank of England decision to restart an asset-buying programme protested by smashing a giant papier mache pig outside of the Bank.

The group took action because of fears that the Bank’s move to help spur economic growth will boost already sky-high inflation, thus eroding their savings.

Quantitative easing

The Bank of England will take on a process known as “quantitative easing” by buying 75 billion pounds of assets and pumping money into the economy.

This is an attempt to give the painfully slow growth of the economy a jumpstart, but the Save Our Savers campaign says it would deal another blow to people trying to set aside savings.

Simon Rose, co-founder of the campaign, said: “This is the worst news we could have possibly hoped for… It’s appalling.”

Rose said that policymakers “have run out of ideas” and are now taking measures that the small workers and savers of Britain will have to pay for.

Savers have already taken a beating as the Bank of England announced it would keep its base interest at ultra-low rates, meaning that some savers have money in accounts that are being out-performed by inflation.

Savers ‘hammered’

“Savers are being hammered. Inflation has been 4.5-5 percent for two years now and interest rates are at an all time low,” said Jason Riddle, co-founder of the group.

Many in attendance at the protest were savers who found their account yields dropping, pensioners who found their pots disappointing at retirement, or those who had to put dreams on hold because their savings funds were not performing as they had hoped.

Demonstrators said the paper pig, which they hit with an oversized mallet, represented the savings of regular Britons.

“Savers are going to suffer even more — it’s just another nail in the coffin,” added Riddle.

 

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