Call for fair deal for savers
A new campaign group has been launched calling for a fair deal for savers who have seen the returns they earn on their cash plummet during the past year.
The Save Our Savers group aims to put the needs of savers at the heart of Government policy.
Nearly three-quarters of people think savers have not been supported or given a fair deal, and the group is calling on the Government to do more to protect people who have set aside money.
The returns people receive on their savings have dived since the Bank of England began to cut interest rates aggressively in late 2008 due to the credit crunch.
The Rev John Strain, a founder of Save Our Savers, said: "Savers have been far off the political radar for decades now, but the disregard for the plight of savers has shattered public trust in the policymakers.
"Anyone would think the Government doesn't want people to provide for themselves, doesn't need enterprise built upon the nation's savings, and would rather we all borrowed and spent our way into old age dependency."
The group is calling for the introduction of measures to protect savers from extreme rate shocks, as well as simple, worthwhile tax breaks to encourage people to save for the long term.
It also wants a strong savings culture to be fostered, the pension system to be improved and the impact of inflation on the value of people's savings to be taken into account in economic policy.
The group has launched an online campaign and is using social media sites such as Twitter and Facebook to spread its message.
Research carried out by the group found that 47% of people are looking to current or future governments to do more to incentivise saving, while 88% think people have been encouraged too much to borrow during recent years.
Source: Press Association
