Record low interest rates have robbed savers of more than £70billion while printing money to revive the economy has mainly benefited the rich, the Bank of England admitted yesterday.
But critics have long claimed that ultra-low interest rates have hammered Britain’s army of savers and the decision to print money has led to a ‘death spiral’ in pensions by slashing annuity rates.
Savers have lost out heavily since rates were cut from 5 per cent in September 2008, with some claiming the loss is nearer £100billion when inflation is taken into account.
The Bank yesterday admitted that savers were among the biggest losers from its policies and the richest families the biggest winners – with QE boosting household wealth ‘by just over £600billion’ as the value of shares and other assets recovered in the wake of the financial crisis.
On Friday, Americans across the country are participating in an economic boycott for 24 hours.
Organized by...
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