British lawmakers ramp up pressure on banks over savings rates, exec pay

LONDON, March 1 (Reuters) - An influential group of British lawmakers have questioned whether banks are making excessive profits without passing the benefit of Bank of England interest rate rises to savers, in a series of letters to bank bosses sent on Wednesday.

The Treasury Committee noted profit margins at the biggest British banks - Lloyds Banking Group, NatWest, HSBC and Barclays - increased in 2022 earnings published last month, while some also bumped up boardroom pay.

"While consumers are always advised to shop around for the best deals, it is difficult to avoid the conclusion that our biggest banks are taking advantage of their most loyal customers to increase profits and CEO pay," said Harriett Baldwin, chair of the committee. (Reporting by Iain Withers; editing by Sinead Cruise)