THE UK's largest mortgage lenders vowed today to pass on the interest rate cut in full following pressure from Chancellor Alistair Darling.
Banks just don't get it - read Business Editor Peter MacMahon's reaction to today's eventsA flurry of banks and building societies said they were to drop rates by 1.5% after the Bank of England slashed the base rate yesterday.
The move by lenders came after banking chiefs were hauled in front of the Chancellor and told they must pass on the cut "as soon as possible".
Prime Minister Gordon Brown welcomed the banks' decision to pass rate cuts on to customers.
Speaking in Brussels, Mr Brown said: "Yesterday, we saw decisive action on interest rates from the Bank of England and the European Central Bank, and I welcome the fact that a number of British banks have now decided to pass on the interest rate cut to customers, to families and to businesses."
The full article contains 166 words and appears in The Scotsman newspaper.
