Saga welcomes efforts to highlight the plight of honest savers

Saga Financial Services, the voice of over 50s, announced that it supports efforts proposed by David Cameron to help savers who are the innocent victims of the credit crunch.

Emma Soames, editor at large of Saga Magazine, comments: "We welcome David Cameron's plans to scrap taxes on basic rate taxpayers' savings and increase the level of non-taxable income for pensioners by £2,000 a year. If implemented, these changes would help savers, especially the older generation, ride out the economic storm more easily. This is an issue that Saga is passionate about as we constantly hear from readers who rely on the interest from their hard-earned savings to boost their income in retirement.

"Most over 50s have worked to build up substantial nest eggs to fund their golden years and there is a real injustice in them now seeing the interest on their savings being not only eroded but also taxed. Overall, pensioners are not the ones with huge mortgages and credit card bills and so should not have to foot the bill for others' borrowing. They are currently being severely punished for their prudence"