Misery Continues for Savers with Rising Inflation and Record Low Rates
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Summary
THE last cut was the deepest when the Bank of England announced on 5 March, 2009 that it was halving interest rates to a record low of 0.5 per cent. Yet few people imagined then that one year later, any relief for savers would remain a distant prospect.
The cut consigned savers to months of misery and condemned millions of pensioners dependent on savings interest for their income to more financial hardship. For much of the past year savers have had reason to be grateful for low inflation, but the recent increase to 3.5 per cent means the vast majority of savers are now losing money. The Save our Savers campaign group estimates that around nine million British savers have suffered a considerable cut in their income since base rates began plummeting.See the full content of this document
Extract
Misery Continues for Savers with Rising Inflation and Record Low Rates
The rate from the average instant access saving account actually crashed to its lowest level before the base rate fell to 0.5 per cent, dropping to 0.1...
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