A kind cut from the banks?
Updated on 06 November 2008
Will mortgage lenders defy Gordon Brown's call to pass today's rate cut on to homeowners?
The prime minister wants today's 1.5 per cent interest rate cut passed on to homeowners, but there are signs that some lenders will not be taking immediate action.
The Bank of England slashed interest rates as an economic crisis looms.
The Council of Mortgage Lenders said it would take time for banks and building societies to work out their response.
Major lenders have said their rates are under review, but Lloyds TSB has promised to pass on the cut in full to its variable rate mortgage customers.
Interview: Richard Lambert and Brendan Barber
The director general of the Confederation of British industry, Richard Lambert and the general secretary of the Trade Union Congress, Brendan Barber speak to Channel 4 News.
