The Bank of England is set to cut interest rates by a full percentage point this Thursday – the biggest cut ever made by the Monetary Policy Committee in its 11-year history.
This will bring interest rates to their lowest level since 2003.
The cut would be intended to ease the deepening recession.
However, the Independent on Sunday says few mortgage lenders are to pass on the full extent of any cut in rates made until Libor rates recede.
The Observer Business, 02/11/08 p1 The Sunday Times Business, p1 The Mail on Sunday, p45 The Sunday Telegraph Business, p2
