UK banks must pass on cuts, says Chancellor Darling

British Chancellor Alistair Darling insisted it is “essential” that the banks pass on today’s 1.5% bank of England interest rate cut to customers.

The Chancellor warned of continued uncertainty in the months ahead, which meant everyone had to “play their part”.

“I think it’s essential that the banks do pass on the benefit of lower interest rates to people and to businesses,” he said.

“At this time people are feeling pressed with their mortgages and businesses need as much help as they can get.”