No rise in the BoE base rate yet the lenders are hiking the mortgage rate..
Halifax to raise standard variable rate to 3.99%
Not sure if this is exactly a smart long term business move for an industry that has already lost trust of the general public. Or maybe this is just the next stage of that....we know that you need a mortgage & if all the lenders stick together you will have to pay what we decide.
At one time Governments could penalise acts like this by imposing extra taxation on excess profits. With most of the world's biggest corporations now Global they can manipulate profits earned by any particular sector of their business in any particular country just about anyway they like....
Not a great trend I think & another glance at where the large corporations have just about taken away all the tools that Governments have traditionally used for manipulating the economy in the 'right' direction.