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Consumer Panel chairman calls on Govt to guarantee all deposits

Financial Services Consumer Panel chairman Lord Lipsey has called it a “national disgrace” that the Government will not guarantee all bank deposits.

The Labour Peer has called on the Government to extend its guarantee to cover all bank deposits as the Irish Government has done.

He called it a “national disgrace” that British depositors have less protection than their Irish counterparts, even after the Government extends depositor protection from £35,000 to £50,000.

Speaking on the BBC news yesterday, he said that in practice, if a bank failed the Government would be pushed to cover all deposits anyway, but it would reassure consumers to have a full guarantee in place from the outset.

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