February 2024
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Lying, incompetent fool Osborne lets the banks screw us and screw us and screw us

Next week, I have a 3-year fixed interest bond maturing. I used to get 4.5% interest, now Britannia are offering me a supposedly “highly competitive” 2% claiming this will “keep your savings working harder”. With inflation at around 2.7% and with my interest being taxed at 20% (giving me just 1.6% interest after tax), I fail to see how 2% will get “my savings working harder”. They’re not working at all. With only 2% interest, I’m losing money every day.

So why are interest rates so low? Because of George “Gordon Brown” Osborne – the latest incompetent, lying fool and buffoon to become chancellor. The problem is that the banks and building societies don’t want my savings. They don’t need my money. So they don’t offer reasonable rates of interest. They have plenty of cheap taxpayers’ money from lying, incompetent fool George Osborne’s multi-billion pound ‘funding for lending scheme’.

A couple of years ago, liar Osborne tried to boost the economy with Project Merlin. This was intended to boost bank lending to businesses and homebuyers. The banks made promises, but failed to deliver and lending collapsed. But because Osborne and his (IMHO) useless, sycophantic, self-serving, career-obsessed, overpaid, overpensioned advisers (hello Claire, Robert and Neil) don’t have any new ideas for stimulating growth, they’re trying yet another version of Project Merlin – funding for lending. They’ve given their friends and supporters in the banks billions of our money virtually interest-free. But the banks have hardly cut the rates at which they lend to businesses and homebuyers. Instead they’ve used this cheap taxpayers’ money to boost the profits they make on each loan. Moreover, because they are drowning in taxpayers’ money, they don’t need savers’ money and so have slashed the interest they pay to savers. Funding for lending has just let the banks make even greater profits from both borrowers and savers while doing absolutely nothing to help the economy.

But why should Osborne and Perry and Chote and O’Brien care? They all have well-paid, well-pensioned public-sector jobs and when the Coalition gets thrown out in 2015, theyll probably get nice highly-paid sinecures supposedly working for the banks they’ve enriched with our money.

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