RACHEL Reeves has called for Jeremy Hunt to do more to get banks to pass on rocketing interest rates to savers.
She has written to the Chancellor urging him to work with the Financial Conduct Authority to bang heads together at banks.
Rachel Reeves called for Jeremy Hunt to do more to get banks to pass on rocketing interest rates to savers
She hit out after data showed that mortgage rates are rising by more than saving rates.
The gap stands at 1.65 per cent.
That could mean someone with £10,000 in savings missing out by an additional £50 a year compared to 2019, she said.
The shadow chancellor said: “Across Britain, people are being hit hard by the Tory mortgage penalty. Millions of households are paying thousands more a year and our economy is suffering.
“With interest rates going up across the board for mortgage holders, it’s only right that savers should get the bang for their buck they deserve.
“The Government should be working with the regulator and the banks now to make sure competition for savings is working.”
Government ministers have already called for banks to pass higher rates on to savers.
