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Inflation cut 'barely helps savers'

People with savings accounts are unlikely to find a great deal to celebrate in the news that the UK's rates of inflation have fallen, according to a campaign group.

Official statistics revealed that the consumer prices index fell to a level of 4.2 per cent in June, after reaching 4.5 per cent in the previous month.

The retail prices index also went down last month, with an inflation rate of five per cent being recorded by the Office for National Statistics.

Despite these figures, Simon Rose of Save our Savers said those looking to build up a financial nest egg will not gain much comfort from them.
v He added: "It is scandalous that the Government and the Bank of England are using uncontrolled inflation as a policy tool to confiscate almost £60 billion a year from savers.

"They are playing with fire and it is the nation's savers who are getting burned."

Copyright © Press Association 2011

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