Early day motion tabled by primary sponsor Debbie Abrahams (Labour), on Thursday, 6 July 2023, in the House of Commons. It is signed by 28 members in total.

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Profits and inflation

That this House notes the Bank of England’s decision in June to increase interest rates to five per cent, the 13th consecutive rise; believes that while inflation must be reduced and contained, ordinary British people are not the drivers of inflation, including core inflation, and that there is evidence of profiteering by some banks and businesses; and resolves to ask the Financial Conduct Authority as the regulator of the banking industry to investigate (a) potential profiteering by some banks, for example, an extra £7 billion in profits directly from interest rate rises was reported in March from the big four banks: Barclays, HSBC, Lloyds and Nat West, (b) the guidance banks will be required to issue to borrowers, for example, temporary switches to interest only mortgage payments and lengthening the term of their mortgage period, (c) actions taken by banks under the Mortgage Charter to ameliorate repayment increases and (d) actions taken by banks to compensate savers after interest rate increases.

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Secondary information

Type

Early day motion

Reference

1428 

Session

2022-23

Other sponsors

John McDonnell

Jon Trickett

Richard Burgon

Dan Carden

Olivia Blake

Subjects

Banks Inflation Profits

Link

View this Early day motion on edm.parliament.uk