Banks urged to pass on cut
Prime Minister Gordon Brown has said that he would be speaking to banks to press them to pass on the latest interest rate cut to borrowers.
The Government is urging all lenders to pass on the 1% reduction in full after the Bank of England cut the cost of borrowing to a 50-year low of 2%.
He said: "Last time, we had to speak to them before it was passed on and we will be speaking to them again."