Petition Cap the interest rates charged by Banks

The Bank of England has substantially reduced the base rate to spur growth, and boost spending.

However, these Low Interest rates have not been passed on to the common person, or any of the Small and Medium sized businesses which are the biggest contributors to the economy.

By comparing the interest rates applied by the high street banks, we can see that they are currently offering secured loans at above 6%, and unsecured short term loans at above 10%.

We would like the government and the Bank of England to explain to us why a bank is allowed to operate with such high margins? Remember the margin they earn additionally includes fees and charges for other services like money transfers, foreign exchange, management, administration fees, cancellation fees and many others.