Business

Banks earn billions by failing to pass on benefits of rising UK interest rates | News

The biggest high street banks have made billions of pounds from the Bank of England’s latest rate hike, but haven’t passed the benefits on to their depositors. The times can reveal.

Analysis of the latest results from Barclays, HSBC, Lloyds, NatWest and Santander shows that they held a staggering £673.5 billion in cash and balances at central banks such as the Bank of England at the end of June.

Analysts said they expected most of this to be held at the Bank of England, where it earns interest at the current base rate, which is at a 14-year high of 1.75 percent.

Read:Ethereum (ETH) Post-Merge Economics Analyzed by Expert

It is basically their own piggy bank where they can put money they need for capital purposes

Read:US blocks sales of some AI chips to China as tech crackdown intensifies | China

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