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Investing.com -- The Prudential (LON:PRU) Regulation Authority of Britain has suggested an increase in the protection limit for bank savers in the event of a bank failure, according to a statement by the Bank of England on Monday.
The proposed increase would raise the deposit protection limit to £110,000 ($142,300).
The deposit protection limit represents the maximum sum that savers can typically expect to be protected if their bank were to become insolvent. Since 2017, this limit has been set at £85,000.
The Bank of England noted that the proposed increase would account for inflation that has occurred since the limit was last set. If the change is approved, it would come into effect from December.
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