Savers ripped off

THE way savers have been treated by the banks is disgraceful (Money Mail). Keeping interest rates at historically low levels for ten years will one day be regarded as just as much of a blunder as expecting to lend money indefinitely to those who are poor credit risks.

Immediately after the financial crisis it made sense for policy-makers to keep rates low and provide liquidity to the banking system.

But that policy should have lasted a maximum of five years. Any competent business or individual should have been able to sort out their financial affairs in that time and adjust to rates at normal levels.

The authorities should stop pumping free money into the system and make banks bid for the funds they need in order to lend. JACQUIE PEARCE, Cowes, Isle of Wight.