|
|
Article: British Premium Bond Holders See Prize Money Slashed.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- March 28, 2001
CopyrightCOPYRIGHT 2001 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
By Sylvia Morris, Daily Mail, London Knight Ridder/Tribune Business News
Mar. 28--Millions of Premium Bond holders will receive a thinner slice of the cake in the draw next week as the prize money pot is cut and the number of UKpound 100 prizes slashed by almost a half.
Ernie -- an acronym for Electronic Random Number Indicator Equipment -- which picks Premium Bond prizewinners each month, is expected to dish out UKpound 48.4 million in the April draw. This is a huge UKpound 4.43 million less than in March.
In effect, National Savings has cut the payout from 4.25 percent to 4 pc of the total invested. Five years ago in June 1996, when the Bank ...