Rate cut 'pointless' if no lender take-up

Earlier today, the Monetary Policy Committee (MPCs) cut rates by 1.5%, the largest single rate cut since 1981, but some analysts are worried the move will have little effect if lenders fail to cooperate. The Council of Mortgage Lenders (CML) and the British Bankers’ Association (BBA) have already issued statements saying it is unlikely their members will pass on the full savings of the rate cut. Speaking after the MPC’s announcement, estate agent Peter Rollings says: “The MPC has mercifully realised the crucial importance of cutting rates, but it’s not going to make any difference to the ...