It is “absolutely outrageous” that banks are not matching savings with mortgage rates, consumer finance expert Martin Lewis has said.
Mr Lewis, who spoke to the chancellor earlier this week, said he had suggested lenders should be stopped from increasing their profits on the back of interest rates going up.
“They’re putting borrowing up, but they’re not putting savings up by the same amount,” he told ITV’s Good Morning Britain show.
“That seems absolutely outrageous to me, because when the banks were struggling in 2007/2008, we, the state, the taxpayer, bailed them out.”
Elsewhere, Bank of England governor continues to come under fire from senior Tories MPs who say he has been too slow to raise interest rates.
In a searing broadside Andrea Leadsom, an ex-Treasury minister, told The Independent Mr Bailey had “lots of questions” to answer. “Too little too late is the reason inflation is now becoming sticky,” she said and accused the governor of being the “chief ostrich”.
Chancellor Jeremy Hunt has met with lenders to discuss how they can help customers.
