MPC urged to support UK savers

The Bank of England should offer more support to those with savings accounts by tackling the country's high inflation rates, according to a campaign group.

Ahead of the Bank's Monetary Policy Committee (MPC) meeting on the UK base rate later this week, Save Our Savers has called for action to be taken to lower inflation.

Simon Rose from the campaign, which seeks to promote the importance of building savings, said the MPC's recent interest rate decisions have continued to favour borrowers rather than savers.

He added: "With inflation more than one percentage point above the two per cent target, the governor of the Bank of England must give an explanation to the chancellor of the Exchequer."

Official statistics show that consumer prices index inflation stood at a level of 4.5 per cent in May, with this unchanged from the previous month.

A 5.2 per cent rate of retail prices index annual inflation was also recorded in the 12 months to May.

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