BusinessCompany NewsSavers need tax breaks, says Barclays Boss

Savers need tax breaks, says Barclays Boss

Tax-effective deposit accounts will encourage saving

Chief executive of Barclays Bank John Varley has called on the government to
introduce measures to entice customers to keep their money in bank deposit
accounts.

Thanks to falling interest rates, banks are struggling to offer customers
decent returns on their savings, Varley told Channel Four News.

“The ability of banks to create the sort of savings returns that customers
had two or three years ago is quite constrained,” he said.

Interest rates, already at historic lows after the Bank of England last week
slashed the cash rate to 1.5 per cent, are poised to fall even further.

This means that depositors could face 0% or even negative interest rates on
their savings. And, under current tax rules, tax deductions do not apply if
negative interest is charged.

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor