14
Apr
Banks 'should cut rates'
Alistair Darling, the chancellor, has asked service providers in
the UK to cut their rates following a reduction to the base rate of
interest by the Bank of England (BoE).
While he stated that the government has aided homeowners with the
availability of funds, banks must pass on the recent drop in
rates.
He commented: "We know this is a difficult time. We've got to get
through it and we can get through it ... we are helping the banks.
The banks have got to help people as well."
And both consumers and businesses could be aided if these outfits
do their bit and follow on from the BoE's lead, he added.
Moreover, the International Monetary Fund ought to adapt to modern
problems, Mr Darling noted, if they want to appear useful.
The Bank of England lowered the base rate of interest to five per
cent last week, after a similar cut in Febraury.