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Loan Protection: Inflation has taken £8 from every £100 saved

UK savers have seen the value of their savings diminish following prolonged high levels of inflation.

The Daily Mail has revealed that inflation has taken £8.20 off the value of every £100 worth of savings.

Lenders are pulling high paying savings accounts, with National Savings & Investments closing its inflation-beating savings certificates earlier this year.

Furthermore, the average ISA offered rates which were just 0.26 per cent below inflation, but now savers are offered ISAs which pay around 4.1 per cent below inflation.

Jason Riddle, from campaign group Save Our Savers, claimed the government has abandoned savers even though it consistently stresses the importance of savings.

He told the news provider: "Despite calling for a higher national savings rate in his recent speech to the TUC, Mervyn King, the Governor of the Bank of England, shows no sign of trying to make it worthwhile for people to save."

Posted by John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance. ADNFCR-2776-ID-800080142-ADNFCR

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