Is there any end to the wrath George Osborne is to endure? In a statement today, NS&I said new requirements for net financing from the Treasury meant it had to cut odds to "manage demand ... and deliver positive value to taxpayers".
"It is always a difficult decision to reduce rates but downwards movements in interest rates across the cash savings market mean that our rates have risen in the competitor tables," added Jane Platt, NS&I's chief executive.
What does that mean for savers? From 6 June, the odds of winning on the Premium Bonds will rise from 26,000 to one to 30,000 to one.
Meanwhile, the total value of prizes will fall from £67.6m to £62.9m, while the total number of prizes will drop from 2.3m to 2m.
And the number of prizes worth more than £5,000 will fall from seven per cent of the prize fund to five per cent, while those worth £25 and upwards will rise from 88 per cent to 90 per cent.
How your Premium Bond odds look now
|Value of prizes||Number of prizes in March 2016||Number of prizes in June 2016 (estimate)|