Daily Telegraph 3 July 15: Savers hit as Bank cuts protection on deposits to £75,000 for first time since financial crisis

EU rules mean the guarantee is cut back when the euro falls against the pound - a position Andrew Tyrie MP calls "absurd"

Cash in bank accounts will only be guaranteed up to a limit of £75,000 from January 1, 2016, the Bank of England has said, down from the current limit of £85,000, because of the euro's weakness against the pound.

Senior Conservative MP Andrew Tyrie called the decision "absurd" and urged the Chancellor George Osborne to push for the EU's rules to be changed to allow the guarantee to be raised back up to £85,000.

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