Martin Lewis fumes 'it's absolutely outrageous' that savers are not getting better rates
Martin Lewis has said it is "absolutely outrageous" that banks are not offering better savings rates despite the base rate increasing. Savings rates are lagging behind the rates being charged to borrowers, according to the money saving expert.
“So the fact that mortgage borrowers are being squeezed is an absolutely deliberate thing. What that means is the Chancellor is not going to call for help and more money to people who have mortgages. Because that would, if you’re following the theory, be counter-productive.” "They’re putting borrowing up, but they’re not putting savings up by the same amount," he said. "That seems absolutely outrageous to me, because when the banks were struggling in 2007/2008, we, the state, the taxpayer, bailed them out.
“If I were the Chancellor, and what I said to the Chancellor obviously is, I think you need to make sure that they put savings rates up at least with the same rate as borrowing. Because if you do that, you take money out of the economy and that’s another way of helping inflation that’s less painful than putting lending up.
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