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Benefits of interest rate cut must be passed to those who most need it.

6 November, 2008

Sinn Féin Economic Spokesperson Mitchell McLaughlin has called on banks and lending institutions to ensure that the benefits of the Bank of England interest rate cut are passed on to mortgage holders and customers.

Speaking today Mr McLaughlin said:

"This is quite a remarkable reduction in interest rate with 1.5% being cut. Our hope is that this will help stimulate the market and that paramount among the beneficiaries will be those people with mortgages and those on low income who are finding it hard to make ends meet.

"I would warn lending institutions and banks, in the current economic climate, from withholding savings for their, and their shareholders, benefit. Any savings from this cut must be passed on to those who are most in need of it in both the commercial and domestic economic arenas."

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