The governor of the Bank of England has backed the City watchdog’s action to ensure interest rate rises are passed appropriately to savers, saying a failure to do so “raised a question about fairness to customers”.
Andrew Bailey’s comments to the i newspaper came after the bank raised interest rates for the 14th time in a row, to 5.25% from 5%, as it signalled that borrowing costs could stay high for a prolonged period of time to keep a lid on inflation.
