Inflation: 10pc wiped off the value of your savings

According to Moneyfacts.co.uk, the impact of inflation on savings means that £10,000 invested five years ago, would have the spending power of just £9,208 after average interest and tax at 20pc.

Inflation figures released today show the Consumer Prices Index (CPI) fell during April, from 3.5pc to 3.00pc but it still means that a basic-rate taxpayer needs to find a savings account paying 3.75pc a year to keep pace of rising prices, while a higher-rate taxpayer at 40pc needs to find an account paying at least 4.99pc....Telegraph