Lenders 'must pass on rate cut'
Lenders 'must pass on rate cut'
Friday 7th November 2008
The Bank of England announced a shock 1.5 per cent reduction in the cost of borrowing earlier today – the largest cut ever made by the monetary policy committee.
With interest rates now set at three per cent, financial groups are calling on banks to ease conditions for struggling homeowners and people with debt problems.
Consumer group Which? said that failure to pass on the rate cut would represent "another slap in the face for mortgage customers".
The organisation said: "All of the banks, particularly those who have benefited from taxpayers' money, should be passing on any base rate cuts in full to their customers."
Economic experts are already predicting another aggressive rate cut next month as the Bank bids to prevent the economy entering a deep recession.
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