by Jason Moore

I T is a sad reflection of our times when you even worry whether your savings are safe. Since the debacle in Cyprus there has been speculation in the euro-zone and even in Britain about savings. Are government preparing a smash and grab raid on savings similar to the one in Cyprus.? I sincerely doubt it but the worries persist and this obviously makes matter worse. What annoys me is that governments have encouraged people to save their money for a rainy day. It is best to put something away, just in case, was the government advice. But now having savings, instead of giving you some comfort in these cold hard times is giving some concern. This is an outrageous state of affairs. Government must make it crystal clear that savings are safe and saving money is the way forward. We got into this mess because too much borrowed money was being spent. There was not enough saving. And now it appears that the people who did the right thing, the savers, are facing additional concerns over their money. I will give you an example; you might be concerned about the state of Spanish banks so you move money back to Britain. In otherwords you are not putting all your eggs in one basket. But then the Spanish taxman comes along and ominously tells you that you must declare all your assets in and outside Spain. So you are almost caught in a catch 22 situation. Probably, the best thing to do is to buy gold and put in under the bed but don´t tell your neighbour!