Martin Lewis calls it ‘absolutely outrageous’ savings rates lag behind borrowing

Martin Lewis has said it seems "absolutely outrageous" that the rates savers are sitting on are lagging behind the rates being charged to borrowers. The Bank of England unexpectedly pushed up interest rates to 5% on Thursday, the highest rate in almost 15 years, as policymakers and the UK Government come under mounting pressure to control the cost of living crisis.

He said: "They're putting borrowing up, but they're not putting savings up by the same amount. That seems absolutely outrageous to me, because when the banks were struggling in 2007/2008, we, the state, the taxpayer, bailed them out. "Because if you do that, you take money out of the economy and that's another way of helping inflation that's less painful than putting lending up.

He also warned: "We should remember the indirect hit on renters, because renters are paying so much more than ever before and it is a very difficult situation to rent."

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