As a member of the Treasury Select Committee, I’m determined to fight to ensure our financial system works for all of us. This week, I quizzed the Governor of the Bank of England, Mark Carney, about why high street banks aren’t passing on interest rate rises to savers.
Interest rates rose in November and again in August, which should be good news for savers after years of below inflation returns. Yet the banks have only passed on about a third of the increase.
I asked the Governor why this has been happening and what steps he is taking to create more competition in the banking sector to drive the banks to up their game.
Please watch the video to see my questions and Mark Carney's answers!