'Groundswell of anger' present among savers

Thursday, April 8th 2010

The Bank of England's decision to maintain a 0.5 per cent interest rate could be unwelcome for many of Britain's savers.

According to John Strain, spokesperson for Save Our Savers, the move by the Monetary Policy Committee adds another month of "pain" for many people with savings.

"It's small wonder such a groundswell of anger has built up among savers," he claimed.

Savers are "socially valuable" but the government is instead encouraging Britons to borrow and spend money rather than put it aside.

Mr Strain added that savers should now campaign with the group for fairer treatment, stating he hopes change will occur in the coming weeks.

The MPC today (April 8th) agreed the official Bank Rate on commercial bank reserves would stay at 0.5 per cent and the stock of asset purchases paid for by issuing central bank reserves would be maintained at £200 billion.

Many Britons who are trying to save money have found the interest on savings is so low it is sometimes wiser to pay-off debts rather than set aside the funds.