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Nationwide building society halts mortgage tracker rate cuts

In contradiction to hopes from the UK government it has been revealed that the Nationwide building society will not be passing on further rate cut savings to the company's mortgage tracker customers. This is a serious blow to both the UK property sector and the government who had pinned their hopes on further assistance from the banking sector. The problem the government now has is that further reductions in base rates will directly increase profit margins for the financial sector and leave consumers and homeowners in the cold.

This is not the first time that the Nationwide building society has attempted to take on the UK government but the announcement came as a surprise to many. There had been hopes that 2009 would see a softening of the difficult relationship between the government and the banking sector but this appears to be a forlorn hope.

The new concern is that because the Nationwide has refused to pass on further rate cuts to customers this will force many competitors to follow suit. While it may well lead to a stabilisation of the UK financial sector it will very much be to the detriment of the UK population as a whole.

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