Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he plans to hold further discussions with representatives of banking institutions on the adequacy of the level of interest rates applied to savings accounts.

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, and will consider any potential next steps following the completion of this report.