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Government to increase protection for savers...

In case you didn’t already know this, the first £35,000 of savings you deposit in a bank or building society are guaranteed by the government in the event of that institution collapsing. Judging by the mass panic amongst Northern Rock customers last year, it seems likely that most people aren’t aware of this safety net. But the point is that safety net has been in place for a long time, which, if you ask us, makes it clear that today’s announcement that thegovernment plans to guarantee savings to the tune of £50,000 a bit of a non-story. For a start, it’s not really committing itself to a much bigger bailout than it had already allowed for, and secondly...

posted on: Jul 1, 2008 | author: Lance