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The City watchdog is under pressure to ensure that banks pass on higher interest rates to savers.

The Treasury Select Committee, an influential group of MPs, has written to the Financial Conduct Authority to demand action, after grilling the chief executives of Britain’s four biggest banks.

Barclays, HSBC, Lloyds Banking Group and NatWest Group were forced to defend their easy-access savings rates at the beginning of February, which pay less than 1.3pc in annual interest. This is despite central interest rates rising to 4pc in a bid to fight inflation.

Banks are going bust left right and centre. So, the Treasury Select Committee insists that banks must compress their interest margins, lower their incomes, because – well, because the Treasury Select Committee are ignorant of the subject under discussion, of course.

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