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Why are UK lenders not passing on cheaper finance costs?

There is a growing debate as to why UK lenders (particularly mortgage lenders) seem reluctant to pass on any significant reductions in their finance costs to the UK consumer. As everybody now knows this was a vital part of the government's bailout plan with assurance sought from each and every bank in the UK looking for additional funding but for whatever reason this has not yet materialised.

This is an issue we have covered on a number of separate occasions and while the banks stay quiet on the subject the government seems to be failing in its duty to ensure the agreed terms are respected by all parties. We will soon arrive at a point where the UK taxpayer will turn on the UK government if assurances of security for taxpayer funding are not honoured.

There is also a feeling that the UK finance sector is benefiting more than the UK taxpayer who is expected to take on higher tax charges in due course to cover the shortfall. There is a suggestion that the government will at some stage instigated an investigation into the "scandal" but they seem very reluctant to rock the boat at this moment in time.

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