Economic Indicators 

The rights and wrongs of negative rates

Chris Dillow

Chris Dillow

Wealth taxes are coming to Europe. This isn’t because of anything governments are doing. It’s because banks are imposing one. UBS has recently proposed charging customers for having big cash deposits. This is, in effect, a tax upon liquid wealth. Negative rates, then, are hitting savers, not just banks. And as it is possible the European Central Bank (ECB) will cut rates even more next month, the pain for savers could intensify. 

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