CPS report “The Abolition of Deposit Insurance” by Andreas Wesemann was featured on the Daily Mail’s This is Money website, Saturday 16 January 2016.
“Britain should scrap the savings safety net of £75,000 to strengthen the British economy, a think-tank has argued in a report.
Andreas Wesemann – the author of the Centre for Policy Studies study – argues the Government must stop insuring bank deposits, a practice which he says has ‘only resulted in an increase in the probability and severity of banking crises.’
The report says that without the availability of a Government guarantee for their savings, consumers would ‘be required to become more risk-aware in their choice of bank.’
At present, if a bank or building society that is part of the Financial Services Compensation Scheme goes bust, savers are ‘guaranteed’ to obtain the first £75,000 back.”
To read the full article, visit the Daily Mail website.
Date Added: Monday 18th January 2016
