Savers have lost more than £43bn since Bank Rate was cut to just 0.5pc two and a half years ago, figures from the Bank of England suggest.
But borrowers have benefited by more than £51bn, as they have paid less in interest on their loans during the same period, according to the Telegraph, while mortgage rates have fallen to record lows.
Simon Rose of Save Our Savers, the campaign group set up to fight for better rates, said the Bank of England is not doing enough to counter inflation.
Rose said: "George Osborne has stressed the importance of savers to the economy in the past. Perhaps he will prove a man of his word and listen to our plea to assist savers by suspending income tax on savings interest."
The Bank of England is expected to keep rates on hold at 0.5% when it meets today.
Partner Insight: For Blackfinch, the arrival of its IHT portfolio services was a 'natural evolution' in the group's offering and points to an established track record of returning cash to investors.
Senior Managers Regime
Interest rate outlook unchaged
FCA made demands last week