Santander predicts fall in interest rates to ease cost of living pinch

SANTANDER today warned of a “modest” increase in defaults on loans from UK customers, though it recorded record profits overall.

UK chief executive Mike Regnier said the bank’s focus was on “supporting our customers through the higher cost of living and increased interest rates. We have proactively contacted 2.5 million customers to offer help and also supported homeowners through the Government's Mortgage Charter.”