When the bells chime to usher in a New Year many people in Britain could find their protection against a bank collapse severely reduced. On January 1 the amount of savings safeguarded from a collapse reduced from £85,000 to £75,000 for individuals and businesses. In Europe it will remain the same at 100,000 euros.
I’m not sure whether this is a forebear of the looming financial meltdown or sheer Eurocratic banana-straightening nonsense. The EU gravy-train riders have decided that as the Euro has dropped against Sterling then we have to suffer the consequences and have our protection reduced.
This makes as much sense as George Osborne attending a Jeremy Corbyn dinner party. So the Europeans will continue to have the same level of safeguard set five years ago but ours will be reduced.
Why are Cameron and Osborne allowing this back-door manipulation of the exchange rate? Presumably because there will be less money to print when banks start going to the wall.
The Financial Services Compensation scheme website trots out some tosh no-one will probably read. Although they do seem to have inordinate amounts of money to channel to Talksport radio advertising – funny they haven’t mentioned this then.