More than one in four mortgage lenders have failed to pass on April’s interest rate cut to borrowers, figures showed yesterday. Daily Telegraph
Around 27 of Britain’s 102 lenders have not reduced their standard variable rate a month after the Bank of England cut base rates, according to the financial information group Moneyfacts.co.uk.
The figures come as the Bank is due to announce today whether it will cut rates from 5 to 4.75%.
The majority of economists believe rates will be held, but a growing minority think the outlook for the economy is so bleak that the Bank will be forced to cut rates.