The Bank of England has raised interest rates 11 times since December 2021 but, while this may boost bank profits, it is less likely to boost many people’s bank balances.
Alongside the sharp spike in interest rates over the past year, many big names in the UK banking business have been reporting bumper 2022 profits. NatWest made £5.1 billion in 2022 before tax, up 33% and the highest since the 2008 global financial crisis. Fellow high street bank Lloyds made nearly £7 billion before taxes in 2022.
