"If passed on to customers‚ interest rate cuts will be music to the ears of those with loans and mortgages‚ but could be bad news for older savers. Many older people who rely on the interest from their savings to top up their income could be hit hard by these cuts‚ particularly as so many are already struggling to pay basic household bills. We would urge all older savers to shop around for the best savings deal‚ though of course those without internet access or with limited mobility may find it much harder to do so.”