Risk of bank account 'one off' tax?

[DaveCWK]

Interest rates down to 0.1%, The wartime 'everyone has to help pull through' rhetoric from the PM, restaurant bookings down 90%, huge spending planned & massive bailouts of various industries likely required, lots of people having no money and the ones that do not spending it. etc etc.

Is it at all possible/likely that the government might impose a levy on bank deposits as happened in Cyprus in 2013, or some other sort of one-off tax?

[Turn7]

Would that not cause on a run on the banks ?

[randlemarcus]

Turn7 said:

Would that not cause on a run on the banks ?

Bit late by then

[Zigster]

If the government did do that, would anyone trust them not to do it again? How many people would be straight down the bank asking for all their money in notes, there and then?

It might be too late to avoid that particular charge but enough people would be trying to withdraw their money that banks would be in chaos anyway. And then the civil unrest caused by the dodgier parts of society assuming all the nicer houses have £000s in cash stashed around the house ...

It would be carnage!

My money is on Boris and Rishi doing it tomorrow. 👍

[Monkeylegend]

Thank goodness for the Nationwide.

[irocfan]

less likely without the Marxist brothers at the helm - but certainly food for thought

[shopper150]

Zigster said:

If the government did do that, would anyone trust them not to do it again? How many people would be straight down the bank asking for all their money in notes, there and then?

It might be too late to avoid that particular charge but enough people would be trying to withdraw their money that banks would be in chaos anyway. And then the civil unrest caused by the dodgier parts of society assuming all the nicer houses have £000s in cash stashed around the house ...

It would be carnage!

My money is on Boris and Rishi doing it tomorrow. ??

I believe withdrawals weren't allowed either in Cyprus. Besides, does Government want you to spend money, or just keep it sitting in your bank account? Perhaps they want you not to trust them?

[Sheepshanks]

I've been wondering whether it might be a good idea to pay off my daughters mortgages and then have them pay me monthly what the mortgage would have cost, probably interest free.

I'm totally comfortable with them, and they're both very well placed public sector workers, but my niggle would be that they both have somewhat 'uncertain' husbands.

[foiled]

Can’t see Borris doing that, it would be political suicide.
Guess he’s hoping for a bit of extra tax from IHT over the next 12 weeks.