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Will Barclays, Alliance & Leicester and HSBC pass on base rate savings?

While many of the financial headlines will state that the majority of UK banks have fallen into line and are willing to pass on base rate cuts to consumers we have still to see any sign of change from Barclays, Alliance & Leicester and HSBC to name but three. These banks are still resisting the growing pressure to pass on savings to UK customers but what they are expected to fall into line and very soon.

One issue which had sprung to mind is the fact that UK mortgage lenders are not willing to pass on savings straight away with many having announced plans to bring these in later in the year. If these savings are to be brought in, many are questioning why the banks need to wait for up to 4 weeks to change their rates when there has already been a reduction in the vital LIBOR rate at which finance is agreed on the money markets.

Many in the UK are calling for a thorough investigation of the mortgage sector as and when the UK economy stabilises with suggestions that lead lenders have far too much influence on the UK economy as a whole. These are companies which in some cases have lent billions of pounds from UK taxpayers but are unwilling to give back anything to homeowners in the short term.

The last few days has shown that the government is fairly weak in comparison to the financial sector as a whole which is of great concern to many.

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