Could you even imagine Bush publicly calling for this in the US despite massive funding to the banks? When pigs fly, I suppose.
Banks were urged by Gordon Brown today to pass on last week's interest rate cut to customers, and to 'come clean' about their bad debts, to help ease market uncertainty.
Amid continuing financial uncertainty, the Bank of England cut the base rate last week for the third time since December, but the cost of borrowing could continue to rise, putting thousands of homeowners under strain. Last night, Chancellor Alistair Darling said that the present turbulence was 'the biggest economic shock since the Great Depression'. He plans to meet lenders to discuss new measures to ensure those lower interest rates are passed on to mortgage holders.
