UK Money News
10th April 2008
Lenders to pass on today's rate cut
Several of the UK's largest mortgage providers have confirmed they are to pass on today's cut to the base rate of interest in full.
Following a meeting of the Bank's monetary policy committee, it was announced the key base of interest has been cut by 0.25 per cent - bringing it down to five per cent.
Now, Nationwide, Barclays subsidiary Woolwich, Halifax, Lloyds TSB and First Direct have all stated they will be passing on the reduction in full.
The move is set to gladden homeowners struggling with rising household bills, including double-digit increases on energy tariffs.
Lenders had been under increasing pressure to cut rates after failing to pass on the benefit of previous reductions in the base rate in November and February.
However, responding to the news, Liberal Democrat Shadow Chancellor, Vince Cable said more dramatic action was needed to assist homeowners.
He told the Daily Mail: "A quarter percent cut in interest rates seems like welcome respite for the million of households struggling to meet mortgage repayments.
"However, the reality is that this will make little, if any, difference for the vast majority of people."
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