» Friday, November 7, 2008


Asked whether the Prime Minister believed that this morning’s meeting between the Chancellor and the banks would lead to effective and prompt action in terms of the interest rate cut, the Prime Minister’s Spokesman (PMS) told the assembled press that as the Prime Minister had said this morning, the position as far as the interest rates being passed on to borrowers was concerned, the Government had done what it could. To date, it had re-capitalised banks and taken steps to free up inter-bank lending.

We would continue to press our case in the talks today and the banks had to take their lead seriously and make sure that rates were appropriate and not excessive. People would need to speak to the Treasury for a read-out of their meeting with banks.

Asked if the Prime Minister thought that banks should pass on the full rate cut or would he be content with a partial one, the PMS replied that the answer was yes, we would look for a full rate cut, but obviously these were commercial decisions.

original source.

Briefing took place at 11:00 | Search for related news

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