INTEREST RATE CUTS

Early day motion 2439, tabled 6 November 2008 by John McDonnell (Labour). Signed by 35 members.

That this House notes the 1.5 per cent. cut in interest rates announced by the Monetary Policy Committee of the Bank of England on 6th November 2008; calls on the banks to pass on these cuts in full in their lending rates to all borrowers; is concerned that previous interest rate cuts have not been passed on to borrowers; and therefore calls on the Government to ensure that these interest rate cuts are passed on, using emergency legislation if necessary.

Signatures by party: Labour 23, Liberal Democrat 5, Independent 3, Scottish National Party 2, Social Democratic and Labour Party 2.