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Saga supports help for victims of credit crunch

Saga supports help for victims of credit crunch

Category: Savings

Updated: 08/01/2009
First Published: 07/01/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Saga's financial services division has announced that it is in full support of David Cameron's proposed efforts to help savers who have become innocent victims of the credit crunch.

Editor at large of Saga Magazine, Emma Soames: "We welcome David Cameron's plans to scrap taxes on basic rate taxpayers' savings and increase the level of non-taxable income for pensioners by £2,000 a year. If implemented, these changes would help savers, especially the older generation, ride out the economic storm more easily. This is an issue that Saga is passionate about as we constantly hear from readers who rely on the interest from their hard-earned savings to boost their income in retirement.

"Most over 50s have worked to build up substantial nest eggs to fund their golden years and there is a real injustice in them now seeing the interest on their savings being not only eroded but also taxed. Overall, pensioners are not the ones with huge mortgages and credit card bills and so should not have to foot the bill for others' borrowing. They are currently being severely punished for their prudence"

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