It has been forced to reduce figure covered when banks collapse from £85000 to £75000 to bring UK in line with rest of the EUThe Bank of England has been forced cut by £10000 the amount of a saver’s money that would be protected whether a bank went bust, because of the slump in the euro over the past five years.
The guarantee will now cover £75000 per account rather than £85000 – a lag that may surprise savers and was described as bonkers by one expert. Related: Bank of England proposes savings protection limit of £1m Continue reading...
Source: theguardian.com