Britain’s biggest banks under pressure to pass on higher interest rates to savers

Unite says their analysis shows banks have made 7bn in extra profit from the rise in borrowing costs

Britain's biggest banks are under pressure to pass on higher interest rates to savers after figures showing they have made an extra 7bn by refusing to do so, and as they stand to benefit from a tax cut announced by Jeremy Hunt.

On the day the Bank of England is expected to announce a further rise in interest rates, the Unite trade union said banks had already made billions of pounds in extra profit from the dramatic rise in borrowing costs.