🔴 Jeremy Hunt has hit out at the major high street banks for taking “too long” to pass on higher interest rates to savers and vowed to get a grip of the issue
made nearly £5bn in 2022 by failing to pass on the increased base rate of interest to savers as quickly as it does for borrowers.
And he added: “There is an issue there. I raised that issue in no uncertain terms with the banks when I met them. I am working on a solution, because I believe it is an issue that needs resolving.” He urged Mr Hunt to make sure any falls in the interest rates are passed on as quickly as possible to consumers.
Mr Walker said that it was important to recognise that with “so many people owning their properties outright and not having a mortgage on them today, actually increasing the payment for people who save is a very important element to tackling inflation”.
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