Interest Rate Cuts

EDM number 2439 in 2007-08, proposed by John McDonnell on 06/11/2008.
Categorised under the topics of Economic situation and Financial institutions.

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.

This motion has been signed by a total of 35 MPs.