Savers lose out from low rates

UK savers are facing losses of £18bn per year thanks to ultra-low interest rates and above-target inflation, according to new research out today from UHY Hacker Young.

The Bank of England’s 0.5 per cent base rate and £325bn of quantitative easing is in part to blame, the accountancy firm said, while a lack of competition among high street banks has made the problem worse.