INTEREST RATE CUTS

That this House notes the 1.5 per cent. cut in interest rates announced by the Monetary Policy Committee of the Bank of England on 6th November 2008; calls on the banks to pass on these cuts in full in their lending rates to all borrowers; is concerned that previous interest rate cuts have not been passed on to borrowers; and therefore calls on the Government to ensure that these interest rate cuts are passed on, using emergency legislation if necessary.