Interest rate cut saves £3m in Hudds if greedy bankers pass it on

Nov 7 2008 by Neil Atkinson, Huddersfield Daily Examiner

HUDDERSFIELD MP Barry Sheerman today told Britain’s mortgage lenders: “Pass on the cuts to your customers”.

The MP welcomed the dramatic decision to slash interest rates by 1.5% to 3% – the lowest level since 1955.

But he joined the growing clamour of people demanding that the whole of the rate cut be passed on by banks and building societies.

Many have appeared reluctant to move just yet, even though interest rates may come down still further in the months to come.

Thousands in Huddersfield could benefit by the latest cut, with total savings of almost £3m a month on the cards for the town’s hard-pressed householders.

There are about 62,000 Huddersfield people who own their homes and the average £150,000 mortgage holder could save about £134 a month if the rate was passed on in full.