Savers' lost interest estimated at £5k per household as rock-bottom rates enter their seventh year, The Bank of England has kept interest rates on hold at 0.5 per cent today, marking the longest period of unchanged interest rates since the Second World War.
Minutes to be published later this month are likely to reveal that the nine-strong monetary policy committee has voted unanimously to leave the cost of borrowing on hold as inflation continues to fall and is expected to turn negative into the coming months.
That sends record low rates into their seventh year. Looking back to the landmark slashing of rates to 0.5 per cent in March 2009, one estimate puts the losses to savers between then and now at £130billion, or £5,000 per household.Read More
Minutes to be published later this month are likely to reveal that the nine-strong monetary policy committee has voted unanimously to leave the cost of borrowing on hold as inflation continues to fall and is expected to turn negative into the coming months.
That sends record low rates into their seventh year. Looking back to the landmark slashing of rates to 0.5 per cent in March 2009, one estimate puts the losses to savers between then and now at £130billion, or £5,000 per household.Read More
