Incentivising saving 'will be difficult for next government'

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Incentivising saving 'will be difficult for next government'

Moneymagpie.com has commented that it is going to be tricky for the next government to urge people to save, unless they decide to put interest rates up.

Jasmine Birtles, founder of the financial advice website, claimed that raising interest rates would be one way of encouraging people to save and boosting government funds.

But these benefits will be in stark contrast to the detrimental effect it is likely to have on the economy in the short term, so there is a "tough job" waiting for whichever party wins the upcoming general election, she noted.

She described how people's spending power will go down if interest rates are put up, which could be a heavy price to pay for the fund-raising move.

"If the Bank of England is charging more for the money that they lend, then they're going to make more money and it's going to be easier to pay off the national debt," added Ms Birtles.

The general election is set to take place on May 6th.

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