Banks have questions to answer about how quickly they have been passing on interest rate rises to savers, a Cabinet minister has said.
Last week, the Bank of England raised interest rates from 4.5 to 5 percent, a level last seen in April 2008.
It was the 13th consecutive rate increase in 18 months, putting increased pressure on mortgage holders.
But questions have also been asked about the limited benefits that have accrued for savers.
People walk past the Bank of England during morning rush hour, in London, Britain, on July 29, 2021. (Henry Nicholls/Reuters, File Photo)
Speaking to LBC radio on Wednesday, Work and Pensions Secretary Mel Stride said: “There’s certainly a question to be asked about the speed at which banks pass on the benefits of these interest rates. That’s a way of saying it’s definitely something to be looking at.”…