Why are UK banks taking so long to pass higher interest rates on to savers?

Delay is under intense scrutiny from City watchdog - but it may not just be simple profiteering

Activists, campaigners and MPs are growing increasingly concerned that savings rates are failing to keep pace with the rapid rise in borrowing costs, putting the behaviour of the UK's biggest banks in the spotlight.

While worries are mounting about how mortgage holders will cope with higher interest rates, less focus has been put on savers. This group is often frustrated when mortgage rates seem to rise lock-step with the Bank of England's base rate, while savings rates seem to be lower and slower to respond.