Commenting on the Bank of England’s decision today (Thursday) to cut interest rates by 0.5 percentage points to 1.5 per cent, Midlands TUC Regional Secretary Roger McKenzie said:
“Though not unexpected, this is a welcome move. Banks and building societies must now pass this cut on to business and mortgage borrowers.
“But today’s cut will not fix the banking system and get banks lending again. With more job losses being announced every day, the Government and the Bank of England must stand ready to take further action to boost the economy and make credit available once more, such as action to take out the toxic debts that are still hobbling the financial system.“
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