{"id":71552,"date":"2023-08-31T08:14:11","date_gmt":"2023-08-31T07:14:11","guid":{"rendered":"https:\/\/www.taxresearch.org.uk\/Blog\/?p=71552"},"modified":"2023-08-31T08:14:11","modified_gmt":"2023-08-31T07:14:11","slug":"the-government-should-now-become-the-uks-savings-bank-of-choice-it-is-long-overdue-that-it-was","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2023\/08\/31\/the-government-should-now-become-the-uks-savings-bank-of-choice-it-is-long-overdue-that-it-was\/","title":{"rendered":"The government should now become the UK&#8217;s savings bank of choice. It is long overdue that it was"},"content":{"rendered":"<p>The <a href=\"https:\/\/www.theguardian.com\/money\/2023\/aug\/30\/uk-savings-rates-nsi-deal-bank-growth-bonds\" target=\"_blank\" rel=\"noopener noreferrer\">Guardian<\/a> has reported this morning that:<\/p>\n<blockquote><p>The UK government\u2019s savings bank, NS&amp;I, has \u201cthrown down the gauntlet\u201d to high street rivals by launching a one-year fixed-rate savings account paying a table-topping 6.2%.<\/p>\n<p>These new rates \u2013 available to new and existing customers \u2013 are the highest ever offered for these products since they first went on sale in 2008, and mean NS&amp;I has overtaken challenger banks and others to take the top spot in the savings best-buy table for one-year fixed-rate deals.<\/p><\/blockquote>\n<p>They added:<\/p>\n<blockquote><p>Commentators said NS&amp;I was likely to experience strong demand from savers keen for a decent return, as it means they get to secure a record rate that comes with a 100% Treasury guarantee.<\/p><\/blockquote>\n<p>I agree with those commentators: this is going to shake up the savings market, and rightly so.<\/p>\n<p>It is long overdue that the government was an active player in the savings arena, making clear that what it borrows is simply a savings arrangement that can be of benefit to society and nothing like the burden it is claimed to be, at all.<\/p>\n<p>I just hope this continues.<\/p>\n<p>More than that: I hope the government makes clear the social value of doing this.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Guardian has reported this morning that: The UK government\u2019s savings bank, NS&amp;I, has \u201cthrown down the gauntlet\u201d to high street rivals by launching a<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2023\/08\/31\/the-government-should-now-become-the-uks-savings-bank-of-choice-it-is-long-overdue-that-it-was\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[70,35],"tags":[],"class_list":["post-71552","post","type-post","status-publish","format-standard","hentry","category-banking","category-economics"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/71552","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=71552"}],"version-history":[{"count":1,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/71552\/revisions"}],"predecessor-version":[{"id":71553,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/71552\/revisions\/71553"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=71552"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=71552"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=71552"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}