Exhibit A: Yvette Cooper urges the banks to pass the interest rate cut on to borrowers.
Exhibit B: The state-owned Northern Rock withdraws tracker mortgages - which follow the movements of the base rate - to avoid passing rate cuts on to new borrowers.
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David Lindsay
November 6th, 2008 5:53pm Report this commentAs i said in a previous thread, the Cabinet, accountable to Parliament, should be the Board of Directors of any bank either owned by or dependent on the taxpayer.
There would be no failure to pass on interest rates cuts then.
Would there?
luke
November 6th, 2008 6:08pm Report this commentweak.
Fair minded Fred
November 6th, 2008 6:13pm Report this commentExhibit C: right-wing magazine complains about left-wing government meddling in the management of other institutions.
Exhibit D: right-wing magazine complains that left-wing government is not meddling enough in the management of other institutions.
Congratulations on spotting that speck of dust in Yvette's eye.
Pete Hoskin
November 6th, 2008 6:18pm Report this commentFair minded Fred: Very droll, but where do I "complain" that the government is "not meddling enough in the management of other institutions"?
I'm just saying that for the state to urge banks to take a particular action, whilst a state-owned bank does the opposite of that particular action is a tad hypocritical. That's not the same as endorsing (or not endorsing) that particular action.
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