Recently a couple won £33,000,000.00 Camelot made a big thing of how much interest their money would earn and what they could do with the money. At the other end of the scale there was Michael Carrol who blew the lot on fast cars, loose women - O Lucky Man
and drugs. He knew the score and accepted it as such. The two extremes, same as Vivian Nicholson of "I'm gonna spend, spend spend!" fame.
The thing is I read a full account of what interest rates were being offered by building societies and banks and it was revealed that out of 155 building societies, banks and Government Saving Bonds, not one kept hedge with inflation!! A few came close, but not one actually offered more for your money.
In the early seventies when the Conservatives were in power, inflation ran away with itself with mortgage repayments being about 13% and interest rates being 11% Back then it was worth saving - but not now.
When every man Jack coming into this country who has put absolutely nothing into this country is handed everything on a plate and arrogantly walks to the top of the housing list, it's just not worth trying any more. If I change my name to Ahmed maybe I'd get more luck.
My late father depended 100% on his interest earned on Government Savings Bonds and used to foam at the mouth as interest rates fell. I'm glad he's not around to see the mess this present Government has left everybody in. Margaret Thatcher (GRHS) would be turning in her grave if she new what was going on.
The short answer is a resounding NO! It is not worth saving. We've got a welfare state taking care of everybody, so there is absolutely no incentive so save any money. As a lifetime Conservative I never thought I'd take that attitude. Those with mega bucks are not fools - they know where to put their money, but those in the know keep Shtum!
"When every man Jack coming into this country who has put absolutely nothing into this country is handed everything on a plate and arrogantly walks to the top of the housing list"
That doesnt happen everywhere.
A friend of mine has been in the country for a year, taken nothing in benefits, but worked and paid her own way.
She cant get on the housing list until she has been in the City for 2 years.
