Mathematically inept or deliberately misleading?

The Labour party are spinning that the increased of the savings protection limit from £35,000 to £50,000 means that 98 per cent of all bank customers are covered and that therefore "all is well in the garden".

Of course this is horribly misleading, research by Credit Suisse shows that although it is true that just 2 per cent of customers are not covered, these customers hold almost half of all of Britain's savings. "At least 40 per cent of deposits are over £50,000 by value," said Jonathan Pierce at Credit Suisse. That means that around £468 billion are not covered by the new British guarantee.

"In other words, we believe much of the debate around the deposit guarantee scheme is somewhat irrelevant. The bare statistics demonstrate that modestly adjusting the compensation limit will do very little. If the aim is to sufficiently bolster confidence, we think the cap needs to be increased very markedly indeed or removed altogether via a blanket guarantee,"

added Credit Suisse's Mr Pierce.

Maybe the BBC could pick Yvette Cooper up if she tries to mislead the public during her Today interview this morning; somehow I doubt that they will.