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Savings rates slashed as base rates fall

While for many people they are the forgotten millions, there is a suggestion that savers in the UK are currently receiving a very bad deal from the UK government. These are members of the population who have saved for years, been sensible with their lending habits and often depend on their savings interest to survive or at least help fund their lifestyle.

As base rates fall to 3%, the lowest level for 50 years, many savers have seen their interest payments severely reduced over the last six months and are slowly being dragged into financial difficulties. Many could now be forced to use their savings to finance living costs and you could argue they are being unfairly treated and paying the price for the reckless lending of others.

There has also been a change in the compensation environment whereby the number of mergers and acquisitions going through in the banking sector has seen many savers forced to remove certain assets and re-deposits with other financial companies to ensure they are secure up to the £50,000 limit per financial institution. Many people forget that savers often depend on their interest payments to fund their living expenses although apparently they do not seem important to the authorities at the moment.

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