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Bank Deposit Datapoint of the Day
Robert Peston, yesterday, after the Bank of England rate cut:
I've just had a call from an astonished individual who has several hundred million pounds that he puts on deposit in various banks.
As of 10 minutes ago, a leading British bank was offering to pay him almost 7% interest for his cash.
On the one hand, I can see why it would be irresponsible of Peston to name the bank in question. But on the other hand, the rich guy knows who it is, and Peston knows who it is, and there are surely thousands of other well-connected Brits who know exactly which bank is so desperate for liquidity. Why should they have the advantage of such foreknowledge, while smaller depositors languish in ignorance?
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