Submitted on Thursday 5th May 2022
Rejected on Monday 9th May 2022
Current status: Rejected
Rejection code: irrelevant (see below for details)
Legislate so it's mandatory for banks to pass on interest rate rises to savers
Banks are quick enough to pass on interest rate rises to borrowers but fail to pass the same rises onto savers. Legislation is now needed to ensure that this happens across all financial institutions in the UK.
Aside from remedying the unfairness of the current situation, it would encourage young people to save more towards bigger ticket items such as cars, mortgages and retirement if the returns were reasonable. For those living on a basic pension that have savings it would boost their income and make them less dependent on Gov handouts. It would also help people find that extra cash needed for energy/care bills and high cost of living expenses if they have savings.
You can't sign this petition because it was rejected. But you can still comment on it here at Repetition.me!
The Government e-Petitions Team gave the following reason:
We can't accept your petition because the UK Government and Parliament aren't responsible for the issue you raise. Interest rates are a commercial decision for banks and not the UK Government or Parliament.
18.221.42.164 Mon, 06 May 2024 19:06:46 +0100
