George Osborne told to help pensioners

Pensioners and savers who have been hit by the Bank of England's policy of "quantitative easing" should be helped by the Government, MPs say today. The Treasury select committee warns that by effectively printing £325bn of new money, pensioners in particular have lost out, with reduced returns on annuities that provide their incomes.

They call on George Osborne to look at ways of helping cushion the blow in his Autumn Statement later this year.

Campaigners have also called for the suspension of income tax on savings interest to help those affected.