MORTGAGE INTEREST RATES AND BANKING PRACTICES

That this House welcomes the measures taken by the Government to support parts of the banking sector during the economic downturn, in particular the significant financial package to a number of banks; recognises that just as the global economic downturn is having an impact on the banking sector, it is also affecting its customers; believes that banks and building societies have a responsibility to do their bit to help and support their mortgage customers during these difficult and challenging times; expresses concern that, to date, not all banks and building societies have been passing on the full benefits of the Bank of England base rate reductions to their customers; believes that this is unacceptable; and calls for urgent action to rectify this situation.