Inflation 'making saving difficult'

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Inflation 'making saving difficult'

The rate of inflation is having a detrimental effect on those who are trying to save, it has been reported.

According to Defaqto, increases of 3.7 per cent for the Retail Prices Index (RPI) and 3.5 per cent for the Consumer Prices Index (CPI) are making it hard for people in both the lower and higher tax brakets to get a good return on their savings.

The group stated that it is near impossible for tax payers to get a real rate of return on their savings accounts.

David Black, banking specialist at Defaqto, said: "The stark reality is that there are now no taxable instant access or notice accounts that will give a real rate of return to even a basic rate taxpayer, let alone a higher rate taxpayer."

Defaqto warned earlier this month of the poor rates that savers are currently facing, after the Monetary Policy Committee decided to prolong the Bank of England base rate at 0.5 per cent.

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