saver

But critics say it could increase risks for savers.

"Savings rates are getting worse and any base rate reductions will spell further misery for savers," Ms Springall said.

A lower base rate can reduce monthly mortgage costs for some homeowners but it also means a smaller return for savers.

This week Rachel Reeves said savers would be sent details of investment opportunities if they have money in low-interest accounts.

The chancellor has told the financial industry it must change the "negative" narrative around savers investing money in stocks and shares in order to help grow the economy.