Its official! Banks still increasing cost of borrowing
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Business borrowing rates average 2.5% over Base Rate – up by 0.5% on a year ago – as banks increase profit margins.
The Bank of England today published its monetary trends report for October and this shows that the trend appears resolutely upwards – mainly due to the costs banks themselves face for wholesale funds.
The report also shows banks have increased their fee/commission income. Although the bank’s own expectations are that aspect will level off.
- One of Expense Reduction Analysts most experienced and widely respected consultants, Steve joined ERA after a successful bank management career.
- A highly effective negotiator, Steve heads ERA's UK Banking Team in projects that gain significant savings for clients of all sizes and industries.
- A recent "Associate of the Year", Steve has successfully used his skills to achieve significant savings for clients ranging from family businesses to quoted international groups.
Reduce costs – but keep your valuable & irreplaceable staff
A report from the Chartered Management Institute (CMI) found that
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