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Building society calls on government to cut over-65s' tax

Pensioners' savings accounts should be made tax-free by the government, Skipton Building Society has said.According to a poll from the firm, 84 per cent of over-55s have had to cut back on their spending thanks to the credit crunch.Across all age groups, this figure was just 58 per cent.Skipton also said that tax takes away around 20 per cent of savings' value - and that recent rate cuts from the Bank of England had drastically reduced returns.David Cutter, deputy chief executive of Skipton Building Society, said: "With the average income standing at around £12,500 per year, pensioners are particularly sensitive to changes in interest rates and their cost of living. "Skipton believes that the government should be supporting the most vulnerable people in our society in these difficult times, particularly pensioners."The Bank of England's official interest rate now stands at two per cent, its lowest level since 1951.

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