Interest rate cut must be passed on to borrowers - Cable
Commenting on the 1.5% cut in interest rates, Liberal Democrat Shadow Chancellor, Vince Cable said: "Naturally we welcome this bold move, which now amounts to a 2% cut in rates in under a month. This is exactly what we've been calling for." Vince Cable went on to say: "It is much more radical than had been anticipated in the City, and goes a long way to restoring my faith that the Bank of England can react strongly in an emergency. The next priority is to ensure that this cut is passed on to borrowers. It is very clear that the conditions attached to the Government's recapitalisation of the banks were far too lax.
7 Nov 2008
