Bill Jamieson: Hard-pressed savers again counting cost of interest-rate cuts

INTEREST rates are cut to their lowest level in the 300-year history of the Bank of England. But is there dancing in the streets? Is there even a burst of optimism? Neither of these. Never has a rate cut – even one so historic as this – been greeted with less conviction that it will make a difference.

Indeed, rate cuts now look to have run into the Law of Diminishing Returns. And for millions of savers, that law is proving literally true.

Savers are emerging as the real victims of this recession. Not only have hundreds of billions of pounds be...