In order to do this they need to attract money on deposit by offering healthy returns to savers.

So it is puzzling to say the least that while our financial institutions have been slow to pass on reduced interest rates to borrowers, many have passed them on to savers in double-quick time.

If banks require premium interest rates in order to lend to each other, then why on earth do they think private citizens should be prepared to lend to them for rock-bottom returns?

Banks that have reduced the interest rates they pay to savers – sometimes by more than the Bank of England base
rate has been cut – should not be surprised if those savers desert them at the first opportunity.

The many retired people who depend on income from savings and investments to supplement the meagre State pension have seen their living costs soar.

Expecting them to pay the bill for the failures of the fat cats of finance is disgraceful and also underestimates their market power.

Banks that take their savers for granted may make a financial killing in the very short term. But when those savers take their money elsewhere, they will live to rue the day.