Rip-off

It's all take, and no give.  You might have thought that well-paid bankers would show a little sympathy for their savers, if only for competitive reasons.  But no, the banks are impervious to the need for public relations if it hits them in the pocket.  They like to say no.

The Times reports:

Only one of 100 banks and building societies has passed on last week’s interest rate rise in full to all its savers, prompting anger from MPs and campaigners.

The Bank of England raised the base rate for only the second time in a decade — by a quarter percentage point to 0.75 per cent.

HSBC and Barclays, two of the five biggest banks, have already increased the cost of mortgages by the full rate rise but have left savers without any benefit. Lloyds is to follow suit on September 1. The banks’ approach is likely to make them tens of millions of pounds in profits. The Royal Bank of Scotland estimated that the base-rate rise would add £300 million to its income projections by 2020.

Remuneration of bank chief executives:

Jes Staley, Barclays    £3.8 million
Antonio Horta-Osorio, Lloyds      £6.4 million
Joe Garner, Nationwide     £2.3 million
Stuart Gulliver, HSBC    over £6 million
Ross McEwan, RBS      £3.5 million
Paul Pester, TSB     £1.8 million

Source: here