We won’t abandon savers, says Mervyn King.

Posted 09/02/2009 - 09:22 by Elpasout

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2009-02-09 (All day)

MERVYN KING, the Bank of England Governor, will insist this week that the monetary policy committee’s aggressive cuts in interest rates do not mean savers in Britain have been abandoned.

He will say the best interests of savers will be served by steering the economy out of recession as rapidly as possible and returning rates to normal levels. Insiders say the Bank is not insensitive to the effect of record low rates, particularly on older savers.