Martin Lewis is urging millions of people across the UK to make sure they are receiving all the financial support they are entitled to by doing a quick online benefits check that only takes 10 minutes. During a special edition of The Martin Lewis Money Show Live, dedicated to the escalating mortgage crisis, the financial guru shared different things people can do right now if they are struggling to cope with increased costs.
Martin Lewis fumes 'it's absolutely outrageous' that savers are not getting better rates
23.06.2023 - 11:07 / manchestereveningnews.co.uk
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.
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“Interest rates are put up to try and take money out of the economy, so you put borrowing rates up so that borrowers have less money, and you want savings rates to go up so that people save more and they don’t spend more. That’s the theory behind this.
“So the fact that mortgage borrowers are being squeezed is an absolutely deliberate thing. What that means is the Chancellor is not going to call for help and more money to people who have mortgages. Because that would, if you’re following the theory, be counter-productive.”
It comes after the Bank of England decided to raise the base rate from 4.5 per cent to 5 per cent this week. Figures released by Moneyfactscompare.co.uk on Friday showed that the average two-year tracker mortgage rate on the market is 5.66 per cent, increasing from an average rate of 5.4 per cent on Thursday. The average two-year fixed residential mortgage rate of 6.19 per cent remains unchanged from Thursday.
Mr Lewis, who
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