By Marcus Leach

The Save Our Savers campaign group says inflation and low interest rates has lead to the value of UK savings being eroded by £50 billion.

The group has written to every member of the Bank of England rate setting committee in a bid to get them to raise the bank rate in order to encourage saving and help pensioners.

However, despite this the Monetary Policy Committee, who meet later today, are expected to maintain the 0.5% rate that has been in place for over two years now.

Save Our Savers said that 'a country without savings is a country without a future'.

"For many this is not a temporary setback. Its effect will permanently reduce the value of their future income," the letter says.

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