People on £5 notes and other financial injustices
This is Money Podcast
This is Money
4.1 • 650 Ratings
🗓️ 16 September 2016
⏱️ 51 minutes
🧾️ Download transcript
Summary
Now that cash machines hardly ever distribute five pound notes, the Bank of England decided it was time to issue a new, modern plastic one - to great fanfare.
But the question on everyone's lips is why was it Winston Churchill and not Keith Richards on the note.
This is just one of the conundrums in this week's round-up of the best of the week's money news.
Also on the show...
Banks under investigation for using interest rate cuts to punish customers
Pensions are just too confusing aren't they?
Why do we spend so much extra while on holiday?
All that data you've handed over may come back to haunt you in a big way
And more...
Transcript
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| 0:00.0 | Consuming issues with Georgie Frost, making the pound in your pocket go that little bit further. |
| 0:10.0 | It's time for This is Money, the show and podcast presented in partnership with NS&I. |
| 0:17.0 | And joining me in the studio is the editor, Simon Lambert. From the award-winning, |
| 0:21.7 | This is Money website, of course. Simon, hello. Hello. And we've got the personal finance editor, |
| 0:27.4 | Rachel Rickard Strauss, alongside as well. Hi. Nice to be both to join us. This week, we're looking |
| 0:33.2 | at a new cash injection. It's the new Fiverr. We're introducing them because we think that they're more secure, cleaner and stronger, and |
| 0:42.0 | the public seems to really like this to the bright new designs. |
| 0:44.3 | Meanwhile, the bank's recent monetary policy change has created a backlash. |
| 0:48.3 | Let me say this about the banks. The banks have no excuse with today's announcement not to |
| 0:53.3 | pass on this cut in bank rate, and they should write to their customers and make that point. |
| 0:58.0 | The Financial Conduct Authority is about to take a very close look at mortgage lenders as reports are out suggesting they're using a rate cut to punish savers without helping borrowers. |
| 1:07.4 | I think over the course of the next two to three months, people will start to look for signals in terms of what the post-Brexit scenario will look like. And these punitive cuts |
| 1:16.4 | to savings rates might be taking effect and denting confidence even further as high street |
| 1:21.1 | inflation figures give very unsteady results. I think over the course of the next two to three |
| 1:26.0 | months, people will start to look for signals in terms of what the post-Brexit scenario will look like. And as consumer |
| 1:32.9 | confidence waivers, our trust in the pension system is plummeting through the floor, creating |
| 1:37.0 | a pensions roadblock. I think the massive problem with pensions is that it's just too big. People |
| 1:42.3 | don't know enough about it, so they ostrich |
| 1:44.3 | and they don't really know what to do about it or where to turn. Our woes don't end there, |
| 1:48.8 | as we see even holidaymakers getting over stretched on what is supposed to be time away |
| 1:53.4 | from all of this. What our research has shown is that a third of people had to rely on overdraft |
| 1:58.8 | facilities or credit cards to bridge the gap of that overspending. |
... |
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