EU
#UKBanks should raise savings rates as 'matter of trust' - MP
British banks should pass on the recent Bank of England interest rate rise to savers as “a matter of trust”, the chair of the parliament committee which monitors them has said, writes David Milliken.
“Passing on interest rate rises to savers as well as borrowers is a matter of trust which our banks would do well to take on,” lawmaker Nicky Morgan, a member of Prime Minister Theresa May’s Conservative Party, said on Twitter.
The BoE recently raised its benchmark interest rate to 0.75% from 0.5%, its highest since it slashed borrowing costs during the 2008-09 financial crisis.
Earlier on Friday, The Times newspaper reported that only one British lender — Beverley Building Society in northern England — had said it would increase interest rates for all savers by 0.25 percentage points.
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