- Overall, UK economy resilient to higher interest rates, as UK banks pass stress tests, Bank says
- Treasury watchdog prepares to warn that rising UK interest rates threaten Sunak’s fiscal plans
All major UK banks have passed the central bank’s latest stress tests – Barclays, HSBC, Lloyds Banking Group, Nationwide, NatWest Group, Santander UK, Standard Chartered and (from December 2020) Virgin Money.
Banks have made higher profits, totalling £17.9bn in the first three months of the year (excluding provisions for bad loans), up 21% on the previous quarter, swelled by strong interest income as as well as other income. The Bank of England said:
The increase in profitability enabled banks to improve their capital positions, while supporting their customers.
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