UK Bank Account Protection Extended to £50,000
01/10/2008
Yesterday, Gordon Brown announced plans to raise the amount of government protection for savers from £30,000 to £50,000.
The suggestion to lift the limit on a per-saver, per-bank basis was originally included in a consultative paper back in July. But Brown is now trying to push the bill through as swiftly as possible and with the support of all the major political parties.
When parliament resumes next week, Gordon Brown will include in his banking bill measures to control banks in certain situations, increase supervision and give the regulators more power to step in and take problematic banks' assets in order to safeguard customers' savings accounts.
The pledge to raise the state savings guarantee limit came soon after the announcement from the Irish government that they are to immediately guarantee all savers' deposits in all Irish banks. The extraordinary promise, which covers over £300 billion of potential liabilities, represents more than twice Ireland's annual GDP. Moreover, the guarantee also extends to commercial savings and interbank deposits.
The suggestion to lift the limit on a per-saver, per-bank basis was originally included in a consultative paper back in July. But Brown is now trying to push the bill through as swiftly as possible and with the support of all the major political parties.
When parliament resumes next week, Gordon Brown will include in his banking bill measures to control banks in certain situations, increase supervision and give the regulators more power to step in and take problematic banks' assets in order to safeguard customers' savings accounts.
The pledge to raise the state savings guarantee limit came soon after the announcement from the Irish government that they are to immediately guarantee all savers' deposits in all Irish banks. The extraordinary promise, which covers over £300 billion of potential liabilities, represents more than twice Ireland's annual GDP. Moreover, the guarantee also extends to commercial savings and interbank deposits.
