🏦 The relationship between savings rates and the Bank of England base rate appears to be broken 💷 It's time for couple’s counselling 🖋️ jessiehewitson
The Bank of England is predicted to raise interest rates to 4.5% next week, the 12th increase in a row
So what has caused the break-down in the relationship? The Government has a role to play. The Term Funding Scheme Another factor is that the banks may welcome the chance to increase their profitability after a period of very low interest rates. One way they make money is to borrow money from savers , and lend it to mortgage or personal loan customers . The difference between the two is the “net interest margin”, and is key to profitability.
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