Britalian

The Bank Of England has lowered UK interest rates by 0.5% to 4.5%.

The real test for UK banks comes now.

Can they resist holding out on mortgage rate reductions for a few weeks or will they do the decent thing and not see it as an opportunity to make some hay while they cast misctrustful glances at each other?

In the same way that petrol companies increase pump prices daily as the price of oil goes up but do not drop them when the oil price goes down.

By the way, the same rings true of airlines. Shameful.

We need to see immediate reductions in mortgage payments otherwise this rate reduction benefits nobody other than the bank bosses who did so much to create this turmoil.