SO we have been told there could be a run on the pound if Labour were to win power. But the country’s savers well know banks have been having a very lucrative run on the pounds in our deposits with them for the last 10 years.

Aided by UK Government policy of cheap money, enabling the banks to avoid paying customers inflation-proof interest on savings.

Could now be the right time for savers to take a “free market” decision and make contingency arrangements? Last time a run on Northern Rock saw the other banks paying sensible interest rates to encourage us to leave our cash with them; and the UK and Irish governments giving unconditional guarantees.

Loading article content

It is impractical to consider withdrawing large sums, for obvious reasons. One suggestion which may make the banks sit up, however, could be to immediately stop making additional deposits. Because, although our money continues to lose value every day, we should remember they use it to their advantage and its loss would hit their pockets.

Haven’t we been taken for fools long enough?
Robert Johnston
Airdrie