While The Treasury has had to hand out the largesse to keep the economy alive during the Covid-19 pandemic a really nasty trick is being played on the millions of small savers who rely on National Savings for a safe home for their money.
Effectively Rishi Sunak, the Chancellor, is making sure that millions of savers and those who have a flutter on the Premium Bonds subsidise the government’s multi billion pay outs by losing money every year they invest.
Their savings are being destroyed and made smaller every year – even if we are having record lower rates of inflation.
It is also sending out an appalling message to people who wish to save money by telling them that even their meagre savings will be reduced year on year as inflation erodes them.
What I am talking…
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