In what could be disappointing news for older savers, the Bank of England has announced it is keeping the base rate of interest at 0.5 per cent.
It is the sixth month in a row that the rate has stayed at the historic low, an outcome that was widely predicted by experts.
The Bank of England’s Monetary Policy Committee also announced that it would continue with its quantitative easing plan and hoped to pump £175 billion into the British economy.
Sam Hill, fixed interest fund manager at investment solutions provider Threadneedle, suggested that it was "no shock" that the committee decided to hold the rates.
For those approaching retirement who are hoping for savings to get them by, it may be time to consider alternative ways of funding.
One such solution could be equity release, which could help provide much needed cash for anything from day-to-day expenses to a holiday or even to give a home a much needed sprucing up.
By Steve Leng 
