Low interest rates and high inflation costs savers £44 billion

The campaign group, Save Our Savers claims that savers in the UK are losing £44.5 billion because of the gap between inflation and Bank Base Rate, which after this week’s decision by the Bank of England, continues to be at an all time low of 0.5%. Mortgage holders and savers Whilst mortgage holders might welcome the news that interest rates will remain at all time lows for at least another month, and probably far longer, savers continue to lose out. Not only is Bank Base Rate  low but even the best savings interest rates are struggling to keep pace ...

Savers group calls for interest rate rise

The campaign group Save our Savers has claimed that UK savings have been eroded by £50 billion over the past year through a combination of low interest rates and rising inflation. The Bank of England’s Monetary Policy Committee (MPC) yesterday held interest rates at 0.5%, the 28th consecutive month that interest rates have remained unchanged. In an effort to sway the MPC’s decision Save our Savers wrote to each member of the committee urging them to vote for a rate rise. Campaign Save our Savers is campaigning for a rise in interest rates and it has warned that those on fixed incomes, many ...