Future Of British Business
Britons Chasing Higher Rates Cost Banks £250 Million a Month
Signs outside branches of a Lloyds Banking Group Plc bank, a Barclays Bank Plc bank, a NatWest Group Plc bank and a HSBC Holdings Plc bank in Staines, UK
Photographer: Chris Ratcliffe/BloombergThis article is for subscribers only.
People in Britain seeking better returns on their savings are becoming a drag for UK banks.
The movement of deposits from low- to high-interest-rate accounts is cutting UK banking revenue by an average of £250 million ($314 million) a month, Numis Corp. Plc banking analyst Jonathan Pierce said.