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Base rate cut angers Britain’s savers

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by David Masters
Base rate cut angers Britain's savers

The Bank of England’s 0.5% base rate cut has proved unpopular with Brits, according to the results of a new survey.

An online poll by moneysupermarket.com found that over two thirds of 16,000 respondents were angry with the Bank of England’s decision, which lowered the base rate to 1.5%, its lowest in over 300 years.

Moneysupermarket.com’s head of mortgages, Louise Cuming , said the rate cuts have backfired because they have hurt savers whilst failing to significantly reduce the interest rates banks charge on mortgages.

If lenders are unwilling to reduce rates, as they have been, then decisions by the Bank of England to cut rates further are ‘pointless’, Cuming said.

Kevin Mountford, head of banking at the website, said the tide is ‘definitely turning’ as the voice of Britain’s savers gets louder.

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News posted: January 15, 2009

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