UK Money News
21st December 2007
Lenders 'not passing on interest rate cut'
Just one fifth of lenders in the UK have acted promptly to pass on the interest rate cut implemented by the Bank of England this month, it has been claimed.
Earlier in December, the Bank's monetary policy committee elected to reduce the base rate of interest, generally taken as a guide for other financial institutions in the UK, in order to bolster the economy by increasing consumer spending.
However, price comparisons site moneysupermarket.com has said that 78 per cent of lenders have yet to pass on the rate cut to borrowers.
Consumers in need of help with money such as reduced mortgage repayments may be interested to read comments from, Louise Cuming, head of mortgages at the personal finance firm, who says: "Time and time again we see this delay in passing on reductions.
"Perhaps providers' new year's resolutions could be to pass on rate changes automatically or backdate them."
She added that banks might like to consider their actions in light of their treating customers fairly mandate.
May analysts are predicting a further cut in interest rates in the early part of 2008, although fears persist that this could spark inflationary pressures.
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