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MP wants bank probe


Published on Tuesday 2 March 2010 15:07

BRIDLINGTON MP Greg Knight is calling for an investigation into profits made by banks from credit card interest charges.

Figures just released by the financial information service Moneyfacts reveal that customers are paying the highest credit card interest rates for 12 years.

Mr Knight said: "These sky high interest rates are being charged by the banks despite the Bank of England base rate being a record low of 0.5%.

"It does not stand up to scrutiny that the banks can borrow money at record low rates, yet they are charging their customers eye-watering levels of interest."


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