Angry demonstrators protest outside the Bank of England

Angry demonstrators recently held a protest in central London in order to make their displeasure heard over the decision by the Bank of England’s Monetary Policy Committee  to maintain maddeningly low interest rates at their current rate.

The protests in central London occurred at the same time as the MPC convened their monthly meeting where they reviewed the base rate.  The base rate’s current historic low, 0.5 per cent, has stood for 31 months straight, and with the BoE deciding to renew quantitative easing by dumping an additional £75 billion into the UK economy, consumers were up in arms over the state of their savings accounts, especially as quantitative easing has a tendency to increase inflation.

Campaigning group Save Our Savers, who carried a massive papier-mache piggy bank they had named ‘Bertie’ into the heart of the demonstration, highlighted the dilemma savers face through a one-two knockout punch of high inflation and abysmally low savings rates.  SOS spokesman, Simon Rose, remarked that savers are watching their balances on even high interest savings accounts outstripped by inflation, which has proved ‘terrifying’ for those who rely on interest income, such as the nation’s pensioners.

23 year old climbing instructor and singer, Lindie De Jager, was one of the demonstrators outside the BoE.  The Arlesey, Bedfordshire native said that there were no incentives for younger Brits to save with such incredibly low interest rates, remarking that she would effectively lose money after inflation and tax.

Like lots of people her age, young Lindie dreams of raising enough cash to put a deposit down on a home of her own.  She expressed her frustration with the slow process, critical of a Government that urges people to think about the future and save but does little or nothing to actually facilitate the achievement of those dreams.

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