In an exclusive interview with Channel 4 News, the Bank's second-in-command, Deputy Governor Charlie Bean addressed the fate of 22 million savers who are currently enduring the lowest savings rates in British history and shrinking returns after inflation.
He told Channel 4 News Economics Editor Faisal Islam: 'I think it needs to be said that savers shouldn't necessarily expect to be able to live just off their income in times when interest rates are low. It may make sense for them to eat into their capital a bit.'"
"Savers shouldn't see themselves as being uniquely hit by this. A lot of people are suffering during this downturn." Charlie Bean
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