Wednesday, 6 July 2011

Savers desperate for rate rise

A group of campaigners working on behalf of savers has called on the Bank of England's Monetary Policy Committee to raise interest rates to help pensioners and encourage saving.

Save Our Savers says a country without savings is a country without a future.

And it warns that those on fixed incomes, such as pensioners, are suffering terribly from the combination of extremely low interest rates and above target inflation.

The group has written to all nine members of the Monetary Policy Committee, who are expected to leave the Bank's base rate at its historic low of 0.5% after meeting today and tomorrow.

The letter complains that the real value of the nation's cash savings has fallen by £50 billion over the last 12 months as a result of high inflation and low rates.

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