Question to the HM Treasury:

To ask His Majesty's Government what steps they are taking to address the disparity between rising mortgage rates and lower interest rates on savings.

The pricing of products, including savings accounts, is a commercial matter for firms in which the Government does not intervene. However, the Chancellor has made clear his expectation that savers benefit from rising interest rates. He has tasked the Financial Conduct Authority to report later this month on how the savings market is supporting savers to benefit from higher interest rate.