“All has gone quiet on the interest rate front, and it is expected to stay like this until the end of the year. While no fall means that savings account rates can remain reasonably stable, it does mean that saving rates are unlikely to increase, meaning little joy for those relying on their savings interest for income.

“Pensioners will be particularly disappointed, because while many people are able to turn to the stock market in search of income, many pensioners may not be willing or able to take the risks associated with it.”