http://www.guardian.co.uk/business/2010/sep/28/spend-save-economy-bank-england-chief
If the "people" of the UK are smart, they will learn by America's mistakes.
This is the very same direction that America took because of the trust level they had in President Bush.
The advise was taken and look where we are now, a healthy economy cannot be sustained on consumerism, because the moral to that story is, the money runs out.
Bank of England deputy Charlie Bean says spend, spend to save economy Interest rates are being held down to discourage savers, financial chief admits
Britons should go out and spend to help invigorate the UK's economic recovery, the deputy governor of the Bank of England has urged. In unusually unguarded comments for a banker, Charlie Bean yesterday discouraged people from building up cash savings which generate little income due to historically low interest rates.
Bean, who sits on the Bank's monetary policy committee that set the base interest rate, admitted it was being held down in the hope families would use their cash and thereby help reflate the economy.
Low interest rates could persist for several years, he said. They have been at 0.5% for a year and a half. The next monthly rate-setting decision is due next week.
The record low rates help mortgage-holders, particularly on tracker deals, but make life difficult for people who rely on income from savings, many of whom are pensioners.
