Friday, October 7, 2011

Angry savers target Bank of England

A giant papier mache piggy bank will take a hammering outside the Bank of England on Thursday as angry savers show the brutal effects of record low interest rates on their cash.

Campaigners warned that savers are being taken for "mugs" as soaring energy and household costs have exacerbated the bleak future they are facing.

A combination of high inflation and the Bank of England's base rate being held at a historic 0.5pc low has left savers struggling to find accounts which will give them a real return.

The consumer price index (CPI), a broad measure of the cost of living, increased to 4.5pc in August, moving closer to a three-year high.

Members of campaign group Save Our Savers will voice their anger outside the Bank tomorrow, at the same time as the next base rate decision is announced.

They will be accompanied by "Bertie the pig" who will take a bashing to reflect the pressure campaigners say they are under. more