Best interest rates: BoE must do more to tackle inflation

The Bank of England must do more to help protect those putting money aside and to boost the value of finding the best savings rates, an expert has suggested.
 
Financial expert Dr Ros Altmann has called for more action to be taken to tackle inflation, which she highlights as the biggest problem facing those trying to save.
 
She warned that the removal of the National Savings and Investments NS&I inflation-linked bonds take away an important protective measure for consumers.
 
Dr Altman said: "Savers need protection and, with the current low interest rates and high inflation, their suffering should not be ignored."
 
She called on the Treasury to reassess its decision and added that until steps are taken to reduce inflation only those with the best savings rates will be protected.
 
Jane Platt, chief executive of NS&I, claimed that the decision to suspend the savings certificates has arisen from fears that large amounts of interest in the product risk the organisation exceeding its net financing target range.

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2011-09-07 13:15:04 © Moneyextra.com