Banks could make billions from increasing profit margins

According to a recent report many of the UK’s major banks could end up making billions of pounds in extra profits by increasing the margins on loans and mortgages. It is thought that the banks could end up making around £3.6 billion as a result of these increases, so although the Bank of England base rate has fallen from 5.75% to just 3% over the past year the banks are still set to make huge profits. Read more

Tags: money products, Economic history, Loans, bank profits, Credit card, Mortgages, industry official