Mar 6 2009
Many Britons are not saving any money due to interest rate cuts made by the Bank of England, it is reported.
Figures obtained by the Daily Telegraph show savers expect to lose out on £3 billion a month, compared to five months ago when interest rates stood at five per cent.
"We're very concerned that since we started monitoring the savings habits of the UK last year, the importance consumers put on saving has been falling," Andy McQueen, savings director at Nationwide, tells the paper.
The building society, which produced the figures, reveals 46 per cent of people save regularly, marking an eight per cent decrease on statistics from April last year.
Furthermore, the publication has learned 23 per cent of people are saving nothing at all, compared to 19 per cent last April.
The Bank slashed interest rates to 0.5 per cent yesterday, the lowest rate since it was established over 300 years ago.
