In response to the Bank of England's announcement to hold interest rates, Dr Ros Altmann, Director-General, Saga said: "This is another missed opportunity from the Bank of England as it once again ignores its main remit, of controlling inflation and instead concentrates on ensuring borrowers' debts continue to be devalued, rewarding those who are over-indebted and punishing those who have saved."
"The Bank has squandered another chance to make a stand against rising prices, despite having recently hinted at an imminent increase.
"The value of people's saving continues to erode and we desperately need to protect them from spiralling inflation by raising rates. This needs to be done as soon as possible – when will the Bank wake up to these dangers?"
Recent research from Saga's survey of 12,000 people over 50 revealed that two thirds (61%) want the Bank of England to increase interest rates in the coming months, with well over half (63%) claiming it will leave them better off.