Correct decision to raise deposit guarantee

George Osborne has welcomed the news that the FSA is to raise the deposit guarantee limit to £50,000.

The Shadow Chancellor, who has been calling for the limit to be increased for over a year, said:

“The decision taken to raise the guarantee for deposits to £50,000 is absolutely the right one, and we fully support it.”

And he added, “I am glad to see that our advice on deposit protection has been followed. The constructive, bipartisan approach to dealing with the current crisis is paying dividends.”