Weaker competition blamed for higher petrol and diesel prices; MPs blast ‘measly’ savings rates – as it happened

Government pledges to expose rip-off' fuel retailers, after inquiry finds declining competition between retailers led to higher prices at the pumps

Speaking of warning shots... the Treasury Committee has given UK banks another blast for not increasing savings rates faster.

MPs on the Treasury Committee have written to the bosses of Britain's biggest banks, asking if they believe their savings rates provide fair value' to customers and whether customer inertia is being exploited.

With interest rates on the rise and our constituents feeling squeezed by rising prices, it is only right that the UK's biggest banks step up their measly easy access savings rates. The time for action is now.

The biggest high street banks have a particularly important role to play in encouraging saving. Currently, they are failing on that social duty. We look forward to receiving answers to these important questions in due course."