Pressure on the Bank of England to raise interest rates intensified today as inflation increased to its highest level in more than two years in January.
No standard savings account can beat the current rate of inflation, meaning virtually every savings vehicle is a 'losing' account if the cost of living continues to rise at the same pace.
Savers and motorists have suffered another blow as higher fuel prices helped keep rises in the cost of living over the past year well above the Bank of England's inflation target.