Which? responds to latest Bank of England interest rate rise

Jenny Ross, Editor of Which? Money, said:

"With Which? research finding nearly eight million people are on the brink of financial hardship after relying on borrowing to get through the cost of living crisis, mortgage holders who are nearing the end of their fixed-term or on variable deals will be most concerned after this latest rate rise.

"While some banks have been quick to pass on higher rates to mortgage holders, they've dragged their heels on handing savers better deals. Banks mustn't treat mortgage holders and savers differently by raising rates at different times.

"The Financial Conduct Authority this week ordered firms to speed up the pace at which changes are passed on, with providers offering the lowest rates needing to justify their prices by the end of the month. The regulator must continue to hold banks' feet to the fire - with tough action for those that continue to fall short."

-ENDS-