Rock-bottom interest rates 'have cost UK savers £150bn' - and the base rate is set to be frozen at 0.5% once more...

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Savers have missed out on more than £150billion of interest payments as a result of ultra-low interest rates since the financial crisis, according to a report published today.

The Bank of England slashed rates to an historic low of 0.5 per cent in March 2009 in a desperate bid to stop the Great Recession turning into a devastating depression.

Rates are expected to be frozen at 0.5 per cent again today, hammering prudent households who have suffered paltry returns on their nest eggs for nearly seven years.

Freeze: The Bank of England slashed rates to an historic low of 0.5 per cent in March 2009 in a desperate bid to stop the Great Recession turning into a devastating depression

Figures from savings and investments firm Hargreaves Lansdown show savers have been robbed of £151billion of interest payments since the financial crisis.

Laith Khalaf, senior analyst at Hargreaves Lansdown, said: ‘Cash savers are now facing their eighth year of miserable interest rates with only the smallest glimmer of light at the end of the tunnel.

‘The market is expecting a hike in the middle of next year, but this wouldn’t be the first time savers have seen hopes of higher inter-est rates dashed. Rate rises may yet be kicked into the long grass.’

The report reveals that had rates remained unchanged between October 2008 and October 2015 savers would have received £151billion more interest than they have.

‘Of course there have been positive effects from low interest rates,’ said Khalaf. ‘The economy is growing... jobs are being created, and mortgage interest payments are low and affordable. 

'However, many cash savers will no doubt be thinking it is time to tilt the tables in their favour.’