Ten Things You Need to Know Today: 26 August 2023

The Week’s daily digest of the news agenda, published at 8am

1. Banks ‘refuse to pass on rises’

Banks are leaving savers “billions of pounds out of pocket” by “refusing” to pass on rises in interest rates, said The Times. More than £9bn has “remained in bank coffers” when it could have been paid to customers if interest rates on savings accounts had kept pace with the base rate, said the paper. The regulator discovered that 40% of all cash held in easy-access savings accounts with Britain’s nine biggest banks was earning less than 1% interest at the end of June.

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