Call
me cynical but I wanted to share with the world yet another disappointing
snippet.
Following
on from the Bank of England’s recent decision to raise the base rate to kerb rampaging
inflation, I decided to set up a petition for the Government to legislate and
make it mandatory for all banks to pass on any base rate increases to both
borrowers AND savers at the same time.
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| Going up but not for savers |
As
we all know, financial institutions like energy companies or petrol retailers,
ALWAYS fail to pass on anything that might benefit punters. When the price of oil decreases, do we see a
drop in petrol prices at the pumps? No,
of course not. When the wholesale price
of electricity goes down, do we see our bills reduce? Not in a million years. When the base rate is increased, do savers
get to receive more interest for any cash invested in a bank or building
society? Hell will freeze over before we
do.
Most
financial institutions immediately pass on any base rate increases to borrowers
but rarely to savers, brazenly pocketing the difference safe in the knowledge
that they are untouchable. They fail to
behave ‘in the spirit’ but are rarely punished by the Bank of England or anyone
else hence my petition because really it is time for the Government to step in
here. Its time for the Fat Cats to share
the cream instead of selfishly keeping it all to themselves. Enough is enough!
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| Summed up brilliantly on Reddit |
In
true revolutionary spirit, I set up an online petition, got the requisite
number of people to support it only to be swatted away by the hand of
bureaucracy like an annoying fly. Here’s
the reply I received to justify the reason why this or any other Government is
unlikely to do anything to remedy the unfairness of the situation:
Sorry, we can’t accept your petition – “Legislate so it's mandatory
for banks to pass on interest rate rises to savers”.
It’s about something that the UK Government or Parliament is not
directly responsible for.
We can't accept your petition because the UK Government and Parliament
aren't responsible for the issue you raise. Interest rates are a commercial
decision for banks and not the UK Government or Parliament.
Well
forgive me for being stupid but I had always been under the impression that it
is most clearly the Government’s job to pass legislation. They were quick enough to legislate for all
those pandemic rules we were blindly expected to follow but NOT to pass
legislation that might in any way be of benefit to the population at large and
encourage more people to put something away for that rainy day. All they want is for us to spend, spend,
spend and keep the consumerist economic gravy train running.
We’ll
soon be reading headlines reporting record profits made by banks and no doubt,
shareholders will be amply rewarded with a hefty dividend whilst those who
provide these institutions with the very moolah for them to lend out will be kicked
again and again until like a booted dog we slink off into the shadows, punished
for our disobedience.
At
least I tried. Perhaps rather than
setting up a silly petition, I should have superglued myself to the front door
of my local Lloyds Bank branch to prevent anyone else turning up to deposit any
more cash with these profit mongering vampires.
And
yes Boris, I will be voting LABOUR at the next election in the hope that Sir
Keir might finally have the balls to implement the Windfall Tax he’s been
threating to on these greedy, money grabbing corporations.
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| If only it were true |
