14 Apr

Banks 'should cut rates'

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.ADNFCR-1222-ID-18550660-ADNFCR

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