Chatting with a friend this morning on the telephone we got talking about the UK financial situation. We were wondering how it effects us directly, what to do with savings and the cost of living etc. I have to admit I don't have a financial mind, managing my own affairs is a challenge to me!
The way I understand it is the tax payer is bailing out the banks, this week alone to the tune of £37 billion for three of the UK's biggest banks, the Royal Bank of Scotland, Lloyds/TSB and Britain's biggest mortgage lender the Halifax. My friend and I went on to discuss whether we should move our savings and the answer is we are unsure as no one seems to know which bank/building society is a safe bet.
The press tell us that we should never have been in this mess in the first place but your average 'Joe Public' does not know about the problems within the banking institutions until there is a crisis.
What I think for what it is worth, is that if no lessons have been learned from this then it is only a matter of time before it happens again.
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