Saga Personal Finance, the over 50s financial expert, comments on the Bank of England decision to reduce interest rates to 0.5%, leaving savers, particularly pensioners, with more misery as a result of further compromised saving incomes.
Roger Ramsden, CEO of Saga Personal Finance, said: "Today's MPC decision is more bad news for savers, and particularly for those over 50 who rely on their savings to support their retirement. Savers have seen interest rates slashed from 5.75% 18 months ago to 0.5% today which has resulted in a significant drop in savings incomes, making savers the innocent victims of the credit crunch.
With people now having even less interest from their savings to spend as disposable income and put back into the economy, the rate cuts have had limited effect other than supporting those on variable rate mortgages."
For further press information please contact the Saga Press Office on: 01303 771529.