Saving guarantee safety net increased

The government has recently announced that saving guarantee safety net in the UK is to be increased to £50,000. Previously the 100% guarantee on savings applied to only the first £35,000 of savings with most financial institutions, and this compensation comes from the Financial Services Compensation Scheme. Prior to the Northern Rock fiasco last year the savings guarantee was far lower. Read more

Tags: savings guarantee, finance, Financial Services Authority, Trotskyists, banking sector, hector sants, Northern Rock fiasco, Financial institutions