NATWEST’S boss is to appear before a committee of MPs to discuss interest rates following a U-turn today, having initially claimed to be too busy.

Chief executive Dame Alison Rose will be asked to explain why the bank pays a pitifully low rate of interest on customers’ savings while raking in profits by charging borrowers almost 10 times as much interest on loans, a practice common to all the big high street banks.

She will appear before the Commons Treasury committee next week, after having told them at first that she would be busy sorting out the bank’s annual financial statement.

Committee chairwoman Harriett Baldwin said that she was “very keen that all the major banks’ top executives appear before our committee,” including Ms Rose, the only female chief executive.

Others set to appear include the bosses of Barclays, HSBC and Lloyds.

The banks have been paying interest of 0.5 to 0.65 per cent on savings while charging 4 per cent on loans.

The committee is expected to ask the chief executives if the practice is simply intended to boost profits.

Ms Baldwin said: “We look forward to questioning the leaders of the UK’s biggest banks on issues of fundamental importance to our constituents.

“Public scrutiny of our largest financial institutions is vital.

“We look forward to hearing their views on a variety of topics, including savings rates, the outlook for the mortgage market, bank branch closures and changes to financial services regulations.”

A NatWest spokesperson said: “Following further discussions with the Treasury committee on the vital issues at hand, Alison Rose will be attending next week’s committee hearing.”