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Only three banks pass on latest interest rate cut in full
The majority of Britain's biggest banks are refusing to pass on yesterday's 1% rate cut by the Bank of England to customers.
Of the UK's eight biggest financial institutions only three have so far promised to pass on the latest cut in full; Lloyds, TSB and HSBC.
Lloyds TSB is the only bank to have passed on last months rate cut and yesterdays cut in full.
The country's biggest building society, Halifax, is passing on just a fraction of the cut to its customers, despite receiving over £11bn of taxpayer's money in the government bail-out.
Chancellor Alistair Darling has made a fresh appeal to banks to pass on the new rates to help individuals and businesses.
"Banks must treat their customers fairly. In the same way that banks expect their customers to stick to their side of the deal, customers should be able to expect that banks will stick to theirs."
Despite banks receiving billions from the government in a bail-out, many small businesses are still finding it difficult to get loans and have seen their overdrafts cut and suffered an increase in charges.
Post Date: December 5th, 2008
Of the UK's eight biggest financial institutions only three have so far promised to pass on the latest cut in full; Lloyds, TSB and HSBC.
Lloyds TSB is the only bank to have passed on last months rate cut and yesterdays cut in full.
The country's biggest building society, Halifax, is passing on just a fraction of the cut to its customers, despite receiving over £11bn of taxpayer's money in the government bail-out.
Chancellor Alistair Darling has made a fresh appeal to banks to pass on the new rates to help individuals and businesses.
"Banks must treat their customers fairly. In the same way that banks expect their customers to stick to their side of the deal, customers should be able to expect that banks will stick to theirs."
Despite banks receiving billions from the government in a bail-out, many small businesses are still finding it difficult to get loans and have seen their overdrafts cut and suffered an increase in charges.
Post Date: December 5th, 2008
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