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Older people 'could be hit' by rate cut

Older people 'could be hit' by rate cut
4th December 2008

A national charity has raised concerns about the welfare of the older generation following the most recent announcement by the Bank of England.

Director general of Age Concern Gordon Lishman said the interest rate cuts may be good for those with loans or mortgages should their banks pass on the cuts themselves, but older people may be facing a bigger crisis.

He noted that many elderly people were relying on the interest from savings to keep their income at a reasonable level, but this would take a hit and would only be made worse by the rise in basic household bills.

Mr Lishman continued: "We would urge all older savers to shop around for the best savings deal‚ though of course those without internet access or with limited mobility may find it much harder to do so."

Yesterday, Mr Lishman commented on the announcement of the equality bill by the Queen, adding that it would send a clear message to society that ageism was not accepted.

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