Banks boost profits thru savings cuts - papers 21st Dec

Over the course of the year, base rates increased by one percentage point to 4.75%, however independent statisticians at Moneyfacts revealed "both mortgage and savings rates have in general risen by less than one percentage point". Given savers outnumber borrowers by about six to one and so the failure of banks and building societies to pass on the full increase in base rates is likely to have boosted their profit margins. PAUL MYNERS report into corporate governance of mutual insurers says Standard Life must keep policyholders fully informed about the negative aspects of demutualisat...