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Darling Announces Changes to Help Savers

A recent new ruling announced by Alistair
Darling, the Chancellor of the Exchequer,"That is why in the current market
means savers with money in banks and buildingcircumstances we are providing a guarantee
societies will have the first £35,000 offor Northern Rock's depositors. But for the
their deposits guaranteed, it has beenfuture, we now need to put in place a better
revealed.regime."
Previously, savers would have had the firstHowever, George Osborne, the shadow
£2,000 of their deposits absolutelychancellor, has criticised Mr Darling for
protected, but only 90 per cent of the nextsupposedly promising one thing and delivering
£33,000. The move can be seen as ananother.
attempt by Mr Darling, who announced the
change alongside Alan Greenspan, former"Alistair Darling has piled confusion upon
chairman of the US Federal Reserve, to avoidconfusion,"  he  commented.
another  Northern  Rock-type  crisis.
"Why did he tell one newspaper that savings
He had hinted at the move just last week whenwould be guaranteed up to £100,000, only
he admitted he was considering adopting ato change his mind ten days later and offer
US-style system which would move depositsprotection at a much lower level? What people
held in a collapsed bank into a speciallywant in a period of financial instability is
designed holding body before being paid backcertainty,  not  fiddling."
to  savers.
Michael Fallon, a fellow Conservative who
However, this most recent development willserves on the Treasury Committee, echoed this
not do away with the need to carry out aview.
radical overhaul of the compensation system,
which is expected to take place in the next"Northern Rock has been given preferential
parliamentary session. According to Mrtreatment  throughout,"  he  told  the Times.
Darling, the changes are in recognition of
the fact that freedom from risk cannot be"The compensation scheme is chaotic. They are
guaranteed - and so consumers withmaking it up on the hoof. The amount keeps
investments in bank savings accounts need tochanging. Is it going to go down to
be  protected  as  far  as  possible.£10,000 in a week. I thought it was going
to  be  Â£100,000  a  week  ago."
"If a problem does happen, we need to be able
to deal with it quickly to maintain stabilityAn aide to Mr Darling has responded to these
and confidence," he said in his speech,accusations by saying that the announcement
delivered at the Reuters building in Canaryis the first of many and that further
Wharf.developments will be forthcoming - including
a consultation on the compensation system -
"Savers need to be sure that they can getin the near future.
their  money  out  if  they  need  to.



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