The Coming Expropriation Of 10% Of Everyone's Accounts

[MaryN]

Cyprus was a bit of a heads up, but I don't believe such a situation is too likely in this country. We are not members of the Eurozone (thank goodness), and we have control of our own currency. However, I would think it would be to everyone's benefit to keep abreast of the financial news - just in case!

[MoleTrapper]

The fsa have been running ads a couple of times a day now for weeks saying your money is safe up to 85k, were backed by the treasury! This should read, leave your money in the bank so that we can stiff you when we need it.
Even if your getting nearly three percent in your savings it's not worth taking the gamble.

[Tartar Horde]

Try getting your money out of the bank, they make you feel like you are stealing childrens organs.

[Devonian]

If the government really needed to generate that kind of extra money, the easiest and least risky way for them to did it would be to introduce a financial transactions tax (as has been discussed), or even just to put an extra few % points onto VAT or income tax....

For example a 25% VAT rate would probably be more lucrative and less risky than taking 10% from everyones accounts.

But at the moment tax rates are actually (slowly) heading downwards so again what does that tell you - you money in your bank/savings accounts is highly unlikely to be subject to this proposal, we have an economy which is growing, so the 10% expropriation of funds is a completely unrealistic proposal (IMHO)!

[NorthernRaider]

Gordon Brown was perfectly happy to raid most private pensions schemes for a nice £7 Billion raid.

[Devonian]

Yep and that sort of thing is far more likely to happen in the future "if" the economy gets unstuck again than simply taking a % of everyone's bank balance.....

Most people they don't understand pensions or know their value (me included) and so find it difficult to quantify what they have lost, because they don't know what they had to start with. But if you see a huge chunk of money taken from your bank account, well thats a different matter altogether and everyone can clearly see what has been done........

[MoleTrapper]

Devonian, I agree, I don't think that they will take money from accounts here, however I do believe there is an ulterior reason they are spending so much money telling us how secure our money is with the banks.

[Skean Dhude]

That motive is to stop us all taking our money out and causing a crisis.

[Steve]

Are you a UK subject ? Then you've already been robbed, your post office was sold out from under you. Watch out for more robberies / privatizations.

[BDG]

Steve Wrote:Are you a UK subject ? Then you've already been robbed, your post office was sold out from under you. Watch out for more robberies / privatizations.

The only stealing that took place was the nationalising of industry and government monopolies kept in place with legislation. Not only can such organisations increase price, they have no reason not to waste money either.