Which? executive director Richard Lloyd said:
“While we cautiously welcome the Chancellor’s new “funding for lending” scheme, we want to see clear safeguards in place to ensure that banks pass this cheap credit on through loans to small businesses, and to consumers through lower interest rates on their mortgages.
“For too long, banks have taken advantage of the lack of competition on the high-street to increase the interest rates charged on mortgages, loans and overdrafts. We want to see more choice on the high street with banks genuinely having to compete for customers by offering better value and better customer service.”