Slow-motion bank robbery rings MPs’ alarms bells at last – Telegraph Blogs

Slow-motion bank robbery rings MPs’ alarms bells at last – Telegraph Blogs

Three years after millions of savers fell victim to a slow-motion bank robbery, alarm bells are ringing at Westminster. MPs on the Treasury select committee have noticed that freezing interest rates far below the rate at which inflation is eroding the real value of money robs savers and pensioners of the reward they are entitled to expect for their prudence.
None of this will be news to readers of The Daily Telegraph, which has been reporting on the problem for more than two years now. However, it is encouraging that MPs seem keen to hold policymakers at the Bank of England to account for the unintended consequences of their actions.