That though does not get near the real reason, which is the explanation provided by modern monetary theory. Since banks do not need to hold deposits from customers to make loans, because all loans are made as a result of new money creation, of course banks are not willing to pay people to deposit funds with them anyone. Why on earth would you want to pay for something you no longer need?
That’ll all be most interesting news to actual bankers of course. They’ll be able to fire the entirety of their treasury departments. The savings will last a day perhaps, until the Bank of England comes and closes them down. For of course a bank requires deposits in order to fund its loan book. Something El Twatto simply refuses to acknowledge.
Banks have implicitly or explicitly (it does not really matter which, although some honesty on their part would help, however unlikely it is) rumbled the truth in MMT, which is that bank deposits are economically useless, however much people desire to hold them.
Going this far off piste is amusing. As long as no one ever believes him, when it would become horrifying.