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Savers hit by cut to NS&I returns

Older savers will be hit by a significant cut to the returns on popular index-linked Savings Certificates from next year.

Returns on the National Savings and Investments (NS&I) product are to track a less generous measure of inflation.

The announcement, three days before the Budget, will benefit the Treasury by £610m over the next five years.

However, it will be a disappointment to 507,000 savers, with an average age of 65, who hold these certificates.

One expert said this was a "massive blow" to these savers, who collectively hold £19.9bn, but it was a surprise the cut had not come sooner.

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BBC News

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