BoE proposes raising deposit insurance limit
Central bank suggests increasing level of savings protection to account for inflation since 2017
The Bank of England has proposed raising the deposit insurance limit to ensure the level of protection is not eroded by inflation.
In a consultation paper published today (March 31), the BoE’s Prudential Regulation Authority (PRA) said it was proposing to increase the limit to £110,000 ($142,319) from £85,000.
The PRA said the proposal aimed to address the consumer price inflation that had occurred since 2017, when it increased the deposit insurance limit from £75,000 to £85,000. It added that
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