Four major lenders in the UK earned a total of £9.3 billion ($11.6 billion) in interest from their reserves with the Bank of England (BoE) last year, data published by a parliamentary committee shows.

The figure represents a 135% increase compared with 2022. The central bank pays interest on the reserves held with it by commercial banks at the current bank rate of 5.25%. A sharp increase in interest rates since 2021 has driven a significant jump in the banks’ earnings, at the expense of the BoE