Rat and Mouse
Wed
09
Jan
PM tells lenders to pass on rate cuts
'I think where interest rate cuts happen the building societies and banks have a duty to take that into account.'

Oh no we don't! respond the lenders, and surely they're right? They operate in a market, and - unless anybody kind find any evidence of price fixing - they surely don't have any duty whatsoever to pass on interest rate cuts (other than a duty to shareholders to remain competitive). Or am I missing something?

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