Banks defy Gordon Brown over new interest rate cut

Witch consumer

Moderator
Sep 8, 2008
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Debtors retreat
So let me get this right, the Banks think that when the bank of England increase or reduce the interest rate, they can decide whether or not they pass it on to customers or keep it for their own profit? hmmmm, how do I opn a bank then? sounds like a winner to me.

My own mortgage provider, Abbey, were one of two who announced immediately they would be passing on the reduction in full - so I should be pleased about that - right? except that they didn't pass on the last 1/2 percentage drop which was a nice bonus for them.

Well it appears the Treasury don't want to interfere with the running of the banks and insist they pass on the cuts, so why don't they reintroduce mortgage tax relief funded by windfall taxes because at this rate, it won't be long before the banks are back to making £12 a second.