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August rate cuts across more than 300 accounts - comment from P2P lender ThinCats PDF Print E-mail
Friday, 02 September 2016
Commenting on the wide-scale savings rate cuts in August, Kevin Caley, Founder and Chairman of ThinCats, said:   “Sweeping rate cuts across more than 300 savings accounts in the last month were inevitable following the Bank of England’s decision to drop the base rate, spelling more misery for savers who now face an impossible task in finding a savings product capable of beating inflation.

“People have been paying for the excesses that caused the financial crisis for the last seven years, and with further tightening of monetary policy mooted for later this year, it’s clear that their situation will not be improving any time soon. George Osborne’s ‘budget for savers’ proved that fiscal policy can help those trying to build up a saving or investment pot, so I hope Philip Hammond uses November’s Autumn Statement to introduce new measures which support people trying to make their money work harder.”
 
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