UK savers could have up to £110,000 protected under regulator’s new plan

Rise from current limit of £85,000 would be first big change to protection scheme since 2008 banking crisis

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UK savers would have up to £110,000 of their deposits protected if their bank or building society goes bust under proposals put forward by the Bank of England.

The plan, put forward by the central bank on Monday, represents a near-30% hike from the current limit of £85,000, and would mark the first substantial change to the savers’ protection scheme since the 2008 banking crisis.