Britons '£8bn richer' thanks to record low interest rates | Mail Online
Record low interest rates have boosted Britons' bank balances to the tune of £8billion, new statistics from the Bank of England indicate.
While savers are estimated to have lost out on £43billion in interest earnings since the bank rate hit 0.5 per cent two-and-a-half years ago, mortgage borrowers have saved £51billion in payments.
Interest rates on savings accounts have hit the floor, with the average now paying less than 1 per cent.
But official statistics obtained by the BBC from the Bank of England suggest record low mortgage rates have more than compensated.
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