Figures from the Bank of England suggest that savers have lost more than £43bn since Bank Rate was cut to just 0.5pc two and a half years ago. But borrowers have benefited to the tune of more than £51bn, as they have paid less in interest on their loans during the same period. Mortgages rates have fallen to record lows.

Simon Rose of Save Our Savers, the campaign group that has been set up to fight for better rates, said that the Bank of England is not doing enough to counter inflation and is angry of the Committee's reluctance to raise rates. Rose said: "George Osborne has stressed the importance of savers to the economy in the past. Perhaps he will prove a man of his word and listen to our plea to assist savers by suspending income tax on savings interest."

The Bank of England is expected to keep rates on hold....Read more on this story---> Savers miss out on £43bn in interest since March 2008 - Telegraph