Martin Lewis has said it is "absolutely outrageous" that banks are not offering better savings rates despite the base rate increasing. Savings rates are lagging behind the rates being charged to borrowers, according to the money saving expert.
Appearing on ITV's Good Morning Britain, Mr Lewis said that the rates mortgage borrowers are paying are not "accidental" and are "the policy". His statement was made while Chancellor Jeremy Hunt was holding a meeting with banks on Friday.
He added: "Nobody needs to be under any uncertain terms that the idea that mortgage borrowers are being squeezed and their incomes are reducing is not an accidental by-product. It is absolutely deliberately why interest rates go up.
