HR GO Estate Agency News Archive - August 2009
Darling Puts Pressure on Banks Over Cost of Lending
The Chancellor, Alistair Darling, met the chief executives of seven of the country’s biggest banks along with Lord Mandelson on 27th July. Mr Darling presented the bankers with data showing they had failed to pass on cheap lending facilities to mortgage borrowers. He is concerned that the banks are making the most of historically low base rates in order to increase their profit margins. He warned them that the Treasury would be monitoring the rates at which they offer loans to businesses and mortgage borrowers in the future.