INTEREST RATE CUTS

Motion Text

That this House notes the 1.5 per cent. cut in interest rates announced by the Monetary Policy Committee of the Bank of England on 6th November 2008; calls on the banks to pass on these cuts in full in their lending rates to all borrowers; is concerned that previous interest rate cuts have not been passed on to borrowers; and therefore calls on the Government to ensure that these interest rate cuts are passed on, using emergency legislation if necessary.