"The failure of many household names in the banking system sent economic shockwaves right across the United Kingdom. Millions of savers right across the UK did have their financial future endangered by some of the reckless behaviour which appeared to be commonplace within the financial world.  

The Government however did step in and bail out a number of banks to the tune of many billions of pounds and whilst this public money was used to shore up the banks many people are asking what return have we seen for this? 

Businesses have seen charges increased and individual savers have seen the value of their investments fall as interest rates offered by the banks to savers have reduced dramatically. There are incentives offered to savers to invest their money, but these higher rates are usually only given for a relatively short time period and after this little or no effort is made to contact savers to ensure that the best rate then available is offered.  

I believe that the banks have a duty to be pro-active, particularly those where large amounts of public money has been invested to keep them afloat. We need to be encouraging a savings culture within the United Kingdom and if we are to achieve this then the banks must provide incentives for people and provide a worthwhile return on the money they lodge with them.  

The widely held view is that banks are not passing on the benefit of the public money which was invested in them, but are attempting now simply to recoup their losses and re-capitalise their own businesses. I would hope that this motion will attract widespread support within the House of Commons and can help put pressure on these institutions to act in the interests of the public whose money was used to bail them out." 

Note to readers:

The text of Mr Campbell's Motion is below: 

EDM 924 – Interest Rates for Savers

That this House notes the exceptionally low rates of interest being offered to savers by a range of banks and other financial institutions; also notes that for many institutions that offer higher rate savings accounts for a limited period, little or no effort is made upon the expiry of the offer to contact savers to ensure that the best rate then available to the saver is offered to them; and calls on all banks and building societies to adopt a pro-active approach which would attract savers confident in the knowledge that they would continue to get the best rates on offer.

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