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Despite threatening to introduce one of the strictest regulatory environments in the U.K.'s history, Alistair Darling has this evening suggested he would go further if UK banks do not agree to...
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Thursday 4th December 2008
As many in UK appear to be readying themselves for a 1% reduction in UK base rates later this week, there is concern that the mortgage lenders of the UK do not appear prepared to pass on the rate cuts to customers in the short term. Indeed, the cut which occurred just a couple weeks ago has yet to hit many mortgage holders in the UK with some banks deferring a reduction until mid-December.
If the UK banking sector is unable or willing to pass on any imminent rate cuts this will again see the government and the financial sector of the UK at loggerheads. There is no sign at the moment that the mortgage lenders are willing to pass on rate cuts in their entirety and immediately although this could change if the government were able to sweeten the situation or play a heavy hand.
This is a vital time for the UK financial sector and homeowners in the country who are suffering. Today's news of the potential to defer mortgage interest payments via a new government rescue package needs the backing of the banks and the government may not be able to rock the boat too much in the short term. |
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