Over two-thirds of Britons have stated that they were angry by last week's decision by the Bank of England's monetary policy committee to slash the base rate of interest to 1.5 per cent, it has been noted.
According to a survey by moneysupermarket.com, the cut was an unpopular choice among the UK electorate, with Louise Cuming, head of mortgages at the website, claiming that this could be the time for the rate reductions to end.
"If lenders show they aren't going to drop rates any further then it is pointless the Bank of England deciding on any further cuts. We need the financial stability that comes from a solid banking sector, but banks are being urged to offer high rates to savers and lower rates for borrowers," she explained.
Kevin Mountford, head of banking at moneysupermarket.com, added that the tide was turning and that not much thought had been given to savers.
Meanwhile, a survey by fairinvestment.com has revealed that a third of Britons are continuing to use savings accounts despite the falling interest rates.
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