Banks Have Questions to Answer Over Interest Rate Rises for Savers, Says Minister

The City of London financial district can be seen as people walk along the south side of River Thames, in London, on March 19, 2021. Henry Nicholls/Reuters

Banks have questions to answer about how quickly they have been passing on interest rate rises to savers, a Cabinet minister has said.

Last week, the Bank of England raised interest rates from 4.5 to 5 percent, a level last seen in April 2008.