Save Our Savers go caroling for the King

Armed with mulled wine and placards, more than 15 people of all ages and from across the UK congregated in front of the Bank to demonstrate against what they believe are policies that are penalising prudent savers.

The group sang popular Christmas melodies, such as Rudolph the Red-Nosed Reindeer, and Jingle Bells, but to different lyrics. Rudolph became Mervyn the Red-Nosed Banker, while Jingle Bells was given the title Interest Rates.

Jason Riddle, a founding member of the group, said savers were being stung by artificially low interest rates and rising inflation.

Speaking at the demonstration, he said: “We want to raise the issue because we don’t believe anyone in the media or politicians are doing so. We should be encouraging saving and investment because it creates security, independence and a sense of self worth.

“We would like to see interest rates start to rise and savers respected for the fact that they are saving and not spending. The government is trying to make people save, but if you do you do not get a decent return for it, it is futile. The economy would be better off with less debt.”

This is the second public protest that the action group has carried out this year.

Two months ago they demonstrated in front of the Bank with a giant pink piggy bank, which they then hit with a hammer to symbolise the plight of savers.

Mr Riddle said: “We wanted to do something different and get press attention. No politicians are sticking their heads above the parapet or taking up the cause. We did write to Mervyn King but he never replied. He is welcome to come and pop out for some mulled wine and song.”