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Moneyfacts presents to MPs at the House of Commons

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Rachel Springall, Press Officer
Rachel Springall, Press Officer / Finance Expert 01603 476210 Email Rachel
01/03/2024
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Moneyfacts presents to MPs at the House of Commons

On Tuesday 27 February, Moneyfacts Group plc, the UK’s leading provider of retail financial product data, held a presentation event for invited MPs in the Thames Pavilion at the House of Commons, Westminster.

The event was supported by The Rt. Hon. Chloe Smith MP, and ahead of the Budget on Wednesday 6 March, Moneyfacts shared its latest Mortgages & Savings Data, Trends and Insights, highlighting that:

 

  • The average two-year fixed mortgage rate rose from below 2% in July 2020 to almost 7% three years later.
  • Those looking to save money have seen the typical easy access rate rise from 0.16% in early 2021 to over 3% now.
  • More than 5,900 residential mortgage products were available in December 2023, representing the highest choice for consumers in over 15 years.
  • Despite new Financial Conduct Authority regulations around Consumer Duty, the big nine banks all have savings products sitting in the bottom quartile of the market.

 

Moneyfacts presents to MPs at the House of Commons

On Tuesday 27 February, Moneyfacts Group plc, the UK’s leading provider of retail financial product data, held a presentation event for invited MPs in the Thames Pavilion at the House of Commons, Westminster.

The event was supported by The Rt. Hon. Chloe Smith MP, and ahead of the Budget on Wednesday 6 March, Moneyfacts shared its latest Mortgages & Savings Data, Trends and Insights, highlighting that:

 

  • The average two-year fixed mortgage rate rose from below 2% in July 2020 to almost 7% three years later.
  • Those looking to save money have seen the typical easy access rate rise from 0.16% in early 2021 to over 3% now.
  • More than 5,900 residential mortgage products were available in December 2023, representing the highest choice for consumers in over 15 years.
  • Despite new Financial Conduct Authority regulations around Consumer Duty, the big nine banks all have savings products sitting in the bottom quartile of the market.

 

Moneyfacts' data is used by virtually every bank and building society in the UK, the Bank of England, Financial Conduct Authority, Financial Ombudsman Service, HM Treasury, Prudential Regulatory Authority, UK Finance and The Building Societies Association.

Suzanne Greener, Moneyfacts Head of Data Collection, said: “Ahead of the Budget, it was a pleasure to share with MPs the Mortgage and Savings trends affecting many of their constituents, from global events and an unprecedented 14 consecutive base rate rises which have seen average Mortgage and Savings rates fluctuating significantly.”

Chloe Smith, MP for Norwich North, said: “I was proud to bring a successful Norwich business to Westminster to share important data. Moneyfacts’ data is used throughout our economy and institutions, and we wanted to help MPs to make use of this for their national and constituency work. I was delighted that a range of MPs, including members of key select committees, joined us to reflect on economic trends and insights in the run-up to the Budget.”

 

Moneyfacts' data is used by virtually every bank and building society in the UK, the Bank of England, Financial Conduct Authority, Financial Ombudsman Service, HM Treasury, Prudential Regulatory Authority, UK Finance and The Building Societies Association.

Suzanne Greener, Moneyfacts Head of Data Collection, said: “Ahead of the Budget, it was a pleasure to share with MPs the Mortgage and Savings trends affecting many of their constituents, from global events and an unprecedented 14 consecutive base rate rises which have seen average Mortgage and Savings rates fluctuating significantly.”

Chloe Smith, MP for Norwich North, said: “I was proud to bring a successful Norwich business to Westminster to share important data. Moneyfacts’ data is used throughout our economy and institutions, and we wanted to help MPs to make use of this for their national and constituency work. I was delighted that a range of MPs, including members of key select committees, joined us to reflect on economic trends and insights in the run-up to the Budget.”

 

Notes to editors

Pioneering financial comparison technology for over 35 years.

Moneyfacts Group plc is the UK’s leading provider of retail financial product data. Used by virtually every bank and building society in the UK, and supplied to the Bank of England, Financial Conduct Authority, Financial Ombudsman Service, HM Treasury, Prudential Regulatory Authority and UK Finance.

Our expert research team monitors the thousands of mortgages, savings, credit card, personal loan, business banking, life, pension and investment products in the UK.

Moneyfacts is the UK's leading independent provider of finance product data. For over 35 years Moneyfacts' information has been a key driver behind personal finance product decisions.

For more information about us please see our key facts.

Broadcast

Our broadcast suite enables our finance experts to appear in-vision for television, and we regularly comment live on national and regional radio.

To arrange an interview for radio or television, please contact our press department. We have an in-house broadcast room.

 

Notes to editors

Pioneering financial comparison technology for over 35 years.

Moneyfacts Group plc is the UK’s leading provider of retail financial product data. Used by virtually every bank and building society in the UK, and supplied to the Bank of England, Financial Conduct Authority, Financial Ombudsman Service, HM Treasury, Prudential Regulatory Authority and UK Finance.

Our expert research team monitors the thousands of mortgages, savings, credit card, personal loan, business banking, life, pension and investment products in the UK.

Moneyfacts is the UK's leading independent provider of finance product data. For over 35 years Moneyfacts' information has been a key driver behind personal finance product decisions.

For more information about us please see our key facts.

Broadcast

Our broadcast suite enables our finance experts to appear in-vision for television, and we regularly comment live on national and regional radio.

To arrange an interview for radio or television, please contact our press department. We have an in-house broadcast room.

 

Contact Us If you're looking for extra comment, a chart or more information, then please give us a call. We are always more than happy to help.
Rachel Springall Press Officer / Finance Expert
01603 476210
Email Rachel
Caitlyn Eastell Apprentice Press & PR Assistant
01603 476169
Email Caitlyn
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Moneyfacts Group is the UK’s leading provider of retail financial product data. Pioneering financial comparison technology for over 35 years, Moneyfacts Group plc data is used throughout the UK Financial Industry.
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©2024 Moneyfacts Group plc. All Rights Reserved. Use of this Website constitutes acceptance of the Company’s General Terms of Use & Privacy Policy. Moneyfacts Group plc is registered in England and Wales, company no. 4063110. Registered office: Moneyfacts House, 66-70 Thorpe Road, Norwich, NR1 1BJ. Moneyfacts, MONEY £ ACTS and INTEREST are Registered Trademarks.