Submitted on Friday 5th August 2011
Published on Monday 15th August 2011
Current status: Closed
Closed: Tuesday 15th November 2011
Signatures: 2
Force banks to pass on interest rate cuts to borrowers
For the 29th consecutive month the MPC has kept the base rate at 0.5%, yet lenders continue to charge struggling tax payers many times that.
The banks have had over two and a half years in which virtually all interest charged has been pure profit for them - It is about time tax payers received the benefits of these cuts.
Lowering the rates would help borrowers pay off their debts quicker and is ultimately going to result in more money going into the British economy. Without passing on the cuts, mortgage LTV rates remain high and leave homeowners in a position where they will not be able to cope when interest rates inevitably rise again.
No reminder is needed that these same banks wouldn't be in existence if it wasn't for government intervention.
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