Savers have felt the pinch when they might have expected to gain – but borrowing has risen as it has become cheaper
It has been a difficult decade for savers. For 10 years they have suffered falling or ultra-low interest rates, leaving them in the red on their deposit accounts when they might reasonably have expected a modest gain.
The last time the Bank of England put up interest rates was on 5 July 2007. But the financial crash put paid to further rises. In the next 20 months it tumbled to 0.5% and then further in the wake of last year’s Brexit vote to 0.25%.