Saturday, November 08, 2008

Banks defy Gordon Brown over new interest rate cut

At an emergency meeting, bankers warned the chancellor that they were “not charities”.

I think we could have guessed that.

High Street banks have told Alistair Darling that they will not pass on any further interest rate cuts to consumers and businesses. They said they could not afford further to reduce mortgage payments and interest rates to businesses if, as expected, the Bank of England continued to cut rates as the economy fell deeper into recession.

IMO: But this depression, and a new US President, could be a new era for 'post newLabor'. Come on Gordon, put heavy pressure on the banks and businesses !

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