This year’s three percentage point reduction in the repo rate is great news for borrowers.

But it is a blow to the millions of people, especially pensioners, who live off the interest they are paid on their bank savings...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now