It looks like the UK interest rates will be reduced to 1% today. This is so annoying for so many people.
People that have been sensible and saved money, not overspent and kept a tight budget are now penalised in favour of those irresponsible people that overspent, ran up credit card debts and bought properties that they could ill afford and are now being rewarded!
One of these irresponsible people on TV previously had a mortgage of over £900 per month which has now been reduced to between £200 & £300 yet a pensioner had lost 75% of his monthly income and was now having to eat into his capital so even when (if!) the interest rates rise again, they will receive less money on their reduced capital.
Of course, the idea is to get people spending again but that wont work. Even the greedy people that have got themselves into this bad situation will realise that they can't simply spend the money they are saving so they will either save it (but where's the incentive with such low interest rates?) or pay off a bit of their mortgage or other debts.
They win every way and the prudent people that have worked hard and saved lose in every way.
I know they say "Life isn't fair" but this is just a joke!
