By Linda Hall •
Updated: 09 Feb 2023 • 15:35
BIG BANKS: Insisted that they are helping savers
Photo credit: Barclays
Like their Spanish counterparts, they face rising criticism of poor rates of interest although the Lloyds, NatWest, HSBC and Barclays chief executives maintained that deals had improved as savers shopped around.
The Bank of England’s interest rate was historically low for a decade until December 2021, following which it has risen from 0.1 to 4 per cent.
The Treasury select committee MPs told the bankers that their constituents complained that mortgage rates rose more rapidly than the returns offered to savers.
Neither was it lost on them that Matt Hammerstein (Barclays), Charlie Nunn, (Lloyds Banking Group), Ian Stuart (HSBC and Dame Alison Rose (NatWest) between them earn more than £10 million (€11.3 million) a year.
Answering the MPs, the executives contended that the debate focused incorrectly on the interest rate on easy-access savings accounts, which was normally under 1 per cent.
Regular deals offered market-leading rates of interest, they said, while instant-access products often opened the door to higher interest deals.
In fact they were encouraging people to save, they insisted.
Thank you for taking the time to read this article, do remember to come back and check The Euro Weekly News website for all your up-to-date local and international news stories and remember, you can also follow us on Facebook and Instagram
Share this story
Subscribe to our Euro Weekly News alerts to get the latest stories into your inbox!
By signing up, you will create a Euro Weekly News account if you don't already have one. Review our
Originally from the UK, Linda is based in Valenca and is a reporter for The Euro Weekly News covering local news. Got a news story you want to share?
Then get in touch at firstname.lastname@example.org.
Download our media pack in either English or Spanish.