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Darling urges lenders to pass on rate cuts

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Date: Monday 14 Apr 2008

LONDON (ShareCast) - Chancellor Alistair Darling will hold a meeting next week to urge banks to pass on recent interest rate cuts to customers.

Prime Minister Gordon Brown will also host a breakfast with banks tomorrow to discuss the global market crises before, departing for a visit to the US.

Darling's meeting with bank representatives will occur a week later to persuade lenders to pass on the full rate cut to borrowers.

“We are prepared to play our part. In turn, what we are saying to banks is you have got to help people as well," said Darling.

"If you can pass on those interest rate reductions, if you can help homeowners, help businesses, that will help all of us get through a very difficult time," he said.