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NS&I pulls index-linked certificates
Investors reacted with dismay that one of the few remaining risk-free ways to hedge against rising consumer prices had been lost as National Savings and Investments, the government’s savings arm, withdrew its popular inflation-linked certificates.
But commercial rivals said that removing the Treasury-backed accounts would make industry competition for retail deposits fairer.
“NS&I enjoys a uniquely privileged position over banks and building societies,” said Adrian Coles, director-general of the Building Societies Association (BSA). “And it distorts the savings market.”
Banks and building societies have suffered a significant slowdown in savings deposits in the first six months of the year, reducing the funds available for lending.
Author - Elaine Moore. FT.com.
To read the article in full follow the link:-http://www.ft.com/cms/s/2/6debcc7e-d936-11e0-884e-00144feabdc0.html#ixzz1XMqb11sA
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