When the bank cut interest rates earlier this month, the Rat and Mouse expressed some doubts as to whether the cut would work its way down to the high street. My inbox quickly filled with emails pointing out that the lenders were already promising to play ball... and the following morning's Times ran a front page demonstrating the big mortgage giveaway with a few figures. The Rat and Mouse took its licking, and remained quiet.

A fortnight later:

More than half of mortgage lenders have failed to pass on this month’s interest rate cut in full to homeowners or to guarantee that they will.

The credit crunch has caused the banks so many problems, they're further from the charity business than they've ever been. Expect them to do everything they can - higher rates, higher fees - to claw back as much money as possible. For the time being... Bank of England base rates won't be as relevant to high street borrowers as many like to think.

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