UK savers 'have tough decisions to make'

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UK savers 'have tough decisions to make'

The ongoing record-low level of interest being offered by many lenders is posing a difficult decision for UK savers at present, it has been claimed.

Martin Bamford, chartered financial planner at Informed Choice, said the outlook for interest rates in the UK remains very low.

He commented: "We feel that it is unlikely that interest rates will rise any sooner than 2013, which is clearly bad news for savers. Savers also have to contend with persistently high price inflation."

Mr Bamford added this leaves Brits with a difficult choice - either leave their savings in cash and suffer capital erosion or place the funds in higher risk assets, but face the prospect of possible losses due to the unstable market.

According to Adrian Lowcock, independent financial advisor at Bestinvest, the latest round of quantitative easing by the Bank of England could have an impact on savers, as rising inflation as a result of the measure would erode the strength of savings.

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