Banks Increase Loan Rates Despite Record Low Base Rate
Banks Increase Loan Rates Despite Record Low Base Rate
Banks are ramping up loan rates in a bid to rebuild their profits.
Although the Bank of England base rate remains at a record 0.5 per cent low, banks have increased their profit margins to the highest level since the crisis began. Among the worst offenders are banks that have received billions of pounds in government help, says financial information website Moneyfacts.
Northern Rock, the nationalised bank, has increased the interest on its five-year fixed rate deal by 0.6 per cent to 6.29 per cent. Eddy Weatherill of the Independent Banking Advisory Service said: “The banks are refilling their coffers at consumers’ expense.”
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