Wednesday, 8 October 2008

To calm the crisis

The Bank of England today cut interest rates to 4.5 per cent came as part of a coordinated global effort by central banks to calm the financial crisis.

Housing charity Shelter challenged banks and mortgage lenders to pass on the rate cut to customers.
The charity's chief executive, Adam Sampson, said: "Shelter figures show more than 900,000 homeowners are constantly struggling or falling behind every month with their mortgage payments. The Bank of England has cut the rate, now lenders have both a financial and moral duty to cut their mortgage rates accordingly.

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