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UK Banks under pressure to pass on future rate cuts to customers

Peter Mandelson today joined calls for the UK banking sector to pass on interest rate reductions to customers as soon as possible. The banking sector in the UK is now under immense pressure to deliver cost reductions across the board although there seems to be a growing reluctance to do this as soon as possible. With a further interest-rate reduction expected this week there will be growing pressure on the banking sector to show some kind of solidarity in the fight to refloat the UK company.

There is a growing resentment among taxpayers to the fact that the banks have been bailed out to the tune of hundreds of billions of pounds while taxpayers are left to carry the can and the increased costs associate with the mortgage industry. This gives the impression that the government has bent over backwards to assist the banking community while leaving taxpayers in the cold and literally billions of pounds worse off.

The government will need to find some common ground between the banks and consumers in order to assist with their ongoing improvement in the eyes of UK voters. Unless they can do this fairly quickly there is every chance that this could cause more harm than good for the government in the long-term

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