Savers group hoping for support

A savers group that was set up by a retired Surrey entrepreneur is looking for support in the hope of accumulating one million signatures so that it can petition Downing Street. The group is called Save our Savers, and it is hoping to fight the cause on behalf of around thirty million savers across the UK. It was set up by seventy year old Peter Duckworth, who invested around half a million pounds of his own cash to found the company.

The main aim of the group is to show the government that the voice and concerns of savers need to be taken seriously by the government. There are a number of aims that the group, which is said to be non-political, has and this includes getting the government to allow savers to get the first £5000 of any interest completed tax free. This would be on top of any ISA annual cash allowance that is currently in place.

Another of the main aims of Save Our Savers, or SOS, is to ensure that savers are not hit with rate shock again as they have been over the past couple of years, where plummeting interest rates have affected the returns that they receive on their savings by a huge amount.

The group wants politicians to come up with long term policies with regards to savings. Millions of savers across the UK are under pressure at the moment, as many are receiving minimal returns on their savings because of the rock bottom base rate and because of banks trying to shore up their finances.

Duckworth stated: ‘Savers are vital for the economy and the fabric of society, but there has never been a place where they can unite to fight for their particular interests and have a shared voice. Government must take a longer-term view when it comes to policies on savings and improve both the protection and incentives available for savers.’

Tags: interest rate, government, savings, Surrey, savers, Surrey entrepreneur, voice, Peter Duckworth