Savers 'facing catastrophe' if rates are cut | This is Money

Savers 'facing catastrophe' if rates are cut | This is Money

The boss of Britain's largest building society has warned that any further cuts in the base rate would be catastrophic for savers.
The Bank of England's Monetary Policy Committee will discuss rates this week, with savers already facing declining returns.
Graham Beale, chief executive of Nationwide, said: 'I am very concerned at the impact that a base rate reduction would have on the UK's savers.
'They have already shouldered a disproportionate burden of pain through the financial crisis.
'Many people - including the elderly and vulnerable - rely on income from their savings and they have already seen their interest rates .....