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Banks urged to pass rate cuts on to customers

Banks urged to pass rate cuts on to customers

Category: Loans

Updated: 10/12/2008
First Published: 09/12/2008

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Banks have been urged to pass on the Bank of England's recent base rate cuts to their customers.

Chartered financial planner at Fairinvestment.co.uk Sharon Bratley stated: "Unless the bank interest rate is passed on to consumers and businesses, it is a pointless exercise, let's just hope that lenders realise this sooner rather than later."

Such a move by lenders could mean the price of borrowing via unsecured and secured loans may become cheaper.

However, after three consecutive cuts by the Bank of England, the bank rate now stands at two per cent.

The Bank will publish the minutes of its two-day meeting on December 17th, which could indicate if the monetary policy committee will consider any further interest rate reductions.

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