We need a saving grace
BRITAIN needs a Budget next Wednesday that will get the nation saving again.
As the experts tell us on Page 48, the new Chancellor Rishi Sunak has plenty of opportunity to incentivise and reward responsible saving.
Whether he will decide it is a worthy cause is another matter.
However, Money Mail believes that savers cannot wait much longer. We are constantly being told that we are not saving nearly enough.
Figures out yesterday also show that 65-year-olds in England can now expect to live around a year longer than a decade ago. We need to be saving now more than ever.
The effect of the coronavirus crisis on the stock market over the past week illustrates just how important it is for us to have savings at hand.
As we explain on Page 49, stocks and shares are really only suited for those who are content to wait for long-term rewards.
You could face big losses if you grab your money when you need it most. And that’s why people need a happy home for their cash savings. However, with rates as low as they currently are, savers are powerless to stop billions of pounds being eaten away by inflation.
So it is understandable that many will be tempted to take a risk with their nest egg on the stock market or lock away their cash for years in fixed-rate deals — just to get what they consider to be a fair return.
Industry experts tell us the Treasury could let National Savings pull in more cash by offering better rates, and encourage us to save more with special Isas and make the personal savings allowance more generous. It would be fantastic to see a return of Pensioner Bonds — to reward those who have worked hard to save but cannot afford to take risks to earn a reasonable rate.
What’s clear is that the industry is crying out for positive news. Something to show the Government cares about our savings.
Savings needs a solution, but does anyone — the big banks and the Chancellor included — have the will to make it happen?
Give ’em an earful
HEARTLESS fraudsters have been captured on camera at a Delhi call centre mocking their weeping victims as they duped them into handing over hundreds of pounds.
The reprehensible footage was passed to BBC’s Panorama by a hacker who had infiltrated the Indian scam centre’s CCTV.
The cynical con sees fraudsters trick people into thinking their computers were infected. They then posed as Microsoft support workers offering to repair the problem — for a fee of course.
It is another example of the many cold-calls Britons now have to deal with every day.
But there was something to savour. The programme also showed how some fed-up people on the receiving end of the calls were answering with a deafening blast of a Klaxon.
Money Mail letters editor Tony Hazell says he has now been inspired to answer scam calls with a loud toot on a referee’s whistle.
International scammers target Britons with 21 million cold-calls every month. They are making constant attempts to steal from us — seemingly with impunity.
It’s a good reminder that you usually have nothing to gain from an unsolicited call, but everything to lose. So give a scammer an earful if they come calling.
Bond frenzy
LAST week I asked to hear from those who had had no luck with Premium Bonds. Thank you to all who wrote in to suggest your losing streak might be the longest.
We heard from two readers who were bought the bonds in the year they were launched — 1956 — and have yet to win anything. But with a tiny investment, perhaps 64 years without a win is no surprise.
National Savings describes a frenzy of excitement at the launch more than six decades ago, with 49 million bonds eligible for the first draw. Wouldn’t it be nice if a government savings initiative could spark such excitement a today? In the meantime, we would still love to hear from readers who think they have been particularly lucky with the bond draws, even if you don’t hold many.
Write to us at 2 Derry Street, London, W8 5TT, or email