Just as the Bank Of England is set to announce an interest rate cut, the Spanish owned Abbey has put UP the interest rates on its mortgages.
The cynical move by the Abbey - killing off the benefit of the imminent cut - came after Business Secretary Lord Mandelson admitted he is powerless to force banks to bring down the cost of borrowing despite a £37billion nationalisation bail-out.
This is where the power of the people should be applied customers of the foreign bank closing their accounts and moving their money into a British owned building society. Yes, there are still building societies out there; yes, they still remain mutual societies and yes, they are still British owned.
Kick the dirty Abbey habit and we can end another Spanish invasion. One we don't need and don't want.
2 comments:
Hmm, I think maybe I will leave my savings in Abbey, thanks.
Probably a fair chance of a better return there, wouldn't you think?
Also I believe Santander is one of the strongest banks around, so probably at least as secure as most.
No, no need for a change at all that I can see.
We are not all borrowers, you know.
Yeah - that's what they were saying about Landsbanksi - which is why dozens of councils put millions of pounds of taxpayers money into accounts
there.
Better returns, they said.
Safe as houses, they said.
No need to change, they said.
Not so smug or clever now though are they?
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