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UK government accused of mistreating older savers

The UK government today stands accused of offering very little assistance to savers across the UK who may need help from the benefits system. It is a little-known fact that when calculating a person's entitlement to further funding and benefit payments the government automatically assumes a standard 10% savings rate on deposits. Currently this is five times the base rate in the UK and with many savers currently earning next to nothing on their savings accounts there are calls for the rule to be changed.

It seems incredible that the government ever used 10% as an interest rate for savings when rates have been nowhere near that for many years. Yet again we appear to be seeing the government ditch those who have scrimped and saved over the years in favour of the UK banking sector which has shown scant regard for increased risks in many areas of the market. However, when the banking sector was near collapse it was the UK taxpayer who was forced to pay up with very little in return.

As interest rates continue to fall in UK we are sure to see more and more headlines in relation to the impact upon savers who are seeing their income lifelines taken away from them. To make matters worse they are being refused extra funding and benefits which traditionally they would be entitled to.

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