BACK in 1980, most ordinary people placed their savings in bank and building society accounts, having little knowledge of the Stock Exchange.
Nevertheless, interest rates were around 10 per cent per annum, while the FTSE trundled along merrily with the optimistic "Bulls" usually vanquishing the pessimistic "Bears".
Now rates are such that the pathetic amount of interest is hardly worth picking up.
Eddie George, Governor of the Bank of England, and leaders of both CBI and TUC seem to think low interest rates are a "good thing". Good for who?
Certainly not small savers, mainly pensioners. Alas some intrepid thrifty folk have turned, in frustration, to the Stock Exchange, but that appears to have collapsed into permanent decline as well.
No wonder I hear that some unhappy souls, particularly the elderly, are feeling suicidal. We live in abysmal times.
D E MARGRETT,
May Avenue,
Worcester.
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