Seven years of low interest rates have 'cost savers up to £160bn'

Loose monetary policy has 'annihilated' returns on cash, but mortgage borrowers and investors have benefited

Seven years of quantitative easing (QE) and record low interest rates have cost savers an estimated 160bn, but supported strong increases in the prices of property, stocks and bonds.

Analysis by financial firm Hargreaves Lansdown suggests that up to 106bn is being held in accounts paying no interest, as loose monetary policy has "annihilated" returns on cash.