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Point of low returns

The Bank of England has brought out figures that suggest savers have lost out on £43bn in interest payments since the economy started to go awry in March 2008.

Those who borrow on the other hand have benefited by more than £51bn by repaying less on their mortgages, with mortgages rates having fallen to record lows during the same period.

Simon Rose of campaign group Save Our Savers said that the Bank of England is not doing enough to tackle the problem of high inflation.

Mr Rose said: 'George Osborne has stressed the importance of savers to the economy in the past. Perhaps he will prove a man of his word and listen to our plea to assist savers by suspending income tax on savings interest.'

Meanwhile, the Bank of England meets today and is expected to make no change to the current 0.5 percent rate of interest.

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