I am fed up with all the savers moaning. Some of us have kids,mortgages, rising bills and need help. Oh for the day to have some money in savings.

Glen, Bedford, UK

utterly disgusting behaviour by the morally bankrupt and vacuous, vote chasing leaders of the country- the message is "spend everything you have, dont bother trying to be prudent and to hell with you all".

MGB, Dumfries, Scotland

Mike Bishops Stortford. I did not overdo myself in my house purchase. I had 35% deposit . Now the housing market has tumbled the banks are penalising me because of LTV. I am single mum, work FT and sick with worry will not be able to afford mortgage because bank has hoiked the rates. Not fair.

Kelly, London,

The banks will pay lip service to this. Existing borrowers on tracker mortgages will benefit until their deal is due to refinance, then the new restrictions of recalculated LTV will kick in, borrowers will not be able to afford the new rates and will be forced on to the banks variable rate c 6.5%

Chris Simmonds, herne bay, uk

Why havn't barclays bank passed on the 1.5 interest rate cut to it's customers?

Elizabeth Scovell, ST.Albans, England

GB has never "given" a penny of Taxes to the bank. They have lent the banks money at mkt rates and if anything have already penalized the banks by asking for 12% returns on the bailout. The gamble is the risk the money will never be paid back.

Mark C, York, UK

The banks now dance to the government's tune. They have no choice, they made the most appalling and elementary business mistakes and the government was obliged to 'help' Now banks will see the true meaning of that word. And those with savings will pay dearly. The usual sad rubbish.

Colin, shrewsbury,

To all those calling for a cut from Northern Rock ....according to the BBC website Northern Rock has passed on the full 1.5% cut.

http://news.bbc.co.uk/1/hi/business/7716086.stm#table

Toby, Newport, UK

Even after all what has gone on this is proof the the Chancellor is a passenger in all of this. Even Goedon Brown is a passenger. No one really knows how yo deal with this.......it is no use pretending.

Billy, Bangkok, Thailand

But what about your own bank Darling - Northern Rock has still not changed it's standard variable rate. Yet again this government expects everyone to do one thing but not follow the orders itself.

Nigel, Stroud,

Consumer power should be mobilised. I am a pensioner with savings and no mortgage. I would be happy to move my savings to a bank that has cut mortgage rates in line with base rate cuts if this was part of a campaign to help people who have mortgages.

Babka, Leighton Buzzard, UK

Darling! Lead by example, cut Northern Rock.

Graeme Crumbie, Sunderland,

Benefits of the full 2% in recent rate cuts to wider economy for businesses and mortgagees. people can spend again, company's with increased revenues can keep employees working, boost to property market. banks with less repossessions, less bankruptcy's..Overpaid bankers, geniuses at losing money.

eli, london, u.k.

all good to get us all through a hard time as long as no one gets themselves further in to debt. common sense is the key not like the majority who maxed theirselves out during the previous low rates. I think the rise in interest rates was needed to make everyone see that they were not invincible

mark, walsall, england

Cheap lending caused the current problems (something which was the banks fault, but any borrower took advantage of for a decade).

And now everyone wants it to get cheap again to solve the crisis.

That makes so much sense.

Bob, London,

Maybe the banks should reduce interest rates even more. That way GB will get really popular, people get get into even more debt and the cautions savers can spend all their money bailing everybody out (for a change). These days no point in being cautions and prudent as it will just be spent by other

Ian, Norwich,

Sheila,
those very people who overdid themselves in mortgages should be punished. They were the ones who thought they could make a quick buck or even become rich for doing absolutley nothing. Rates should be increased now substantially not reduced. This is hust another politically driven measure.

Michael, Bishops Stortford,

I wonder what Mr. Darling thinks I should pay for a new VW Golf because I fancy paying a lot less than the dealer is currently asking. This government is simply a joke. Inappropriate lending got us in this mess and now they want to encourage more! How pathetic. Please wake up and ditch NuLab.

Richard, Tunbridge Wells,

Savings earn 3% while inflation is close to 6%...savers should immediately withdraw all savings as the government is forcing the banks to steal there money. Without depositors the Govt willrally have to own the banks.

TC, London, UK

Great news ....... if you are a buy-to-let locust outpricing all the FTBs.
Bad news if you are a pensioner with savings but you don't matter in Browns Britain.
As long as he keeos his political skin he caiuld't care less if he bankrupts the country.

Gareth Jones, Dusseldorf, Germany

Well said Mr Piercy. It's a tough economic climate, not a nuclear winter. The best way out is for people to stop panicking, raise confidence and the media to stop scaring people constantly. Prudent investment in business must be encouraged. Housing demand still outstrips supply in the UK, hugely.

Richard Garrett, Southampton,

The governmert of Brown is so eager to do anything, that the saved banks not going bust again,
They so can score points with lenders.

Savers outnumber lenders ten many times, so what will be the last outcome?
To acclerate inflation is bad for comsumer and economy in the long run also.

j.leason, huttondike,

How many people have remortgaged on to fixed rates over the last few months and now find their rates are considerably higher than their banks SVR? These people will not benefit from any reduction in interest rates or help from the gov in reducing mortgage paymnt and will be paying over the odds now

Richard Grenfell-Hill, London,

what is going at northern rock?

why are they allowed not to pass on the rate cut ?

Terry, Warrington, uk

I have variable rate mortgage. If interest rate goes down my mortgage payment goes down unless i want to keep previous rate to repay earlier. If my bank does not do that they are breaching contract and are liable to Prosecution. I am willing to take my bank to Court if they do not respect agreements

J Rouse, Ipswich, England

Lets face it the economy is in a mess through New labours Policies. And no end of bailing will help UK Ltd., in the fothcoming slump next year. GB was warned of the this years ago but like King Canute he thought he could beat back the waves.

Louis, Liverpool, UK

The real scandal is the "shafting" of savers,simply to keep over extended borrowers afloat.
The lack of comment on this issue by the UK government really smells,and is truly disgraceful. Thrift is a dirty word! I never used to be bitter towards Messrs Brown and Darling,but am now.

jackie, paphos, cyprus

Passive savers should not expect always to be rewarded at a rate above inflation. High passive savings rates are a tax on businesses and wealth creation. If you want a high return invest in a business and take some real risks.

Andrew Piercy, London, UK

Cheap money... more debt... more problems... bigger bubbles.

The same stupid press who didnt see this coming are still encouraging the same mistakes from the same people.

How can the press be so blind as to not see what is going on?

For all our sakes PLEASE THINK FOR A CHANGE !!!

Paul, Grantham, UK

To those who bleat about the taxpayer having to bail out mortgage borrowers, that's exactly what's happening. It's called socialism and what Labour's supposed to be about. Otherwise, people struggling to buy a place to live would risk going under. What's wrong with that? Good socialist policy!

Davies, London, UK

The banks the government has most inffluence over both still have SVrs over 7% with no move to cut them. Disgusting. Should have let them go under !

K Jones, Borders, UK

Joe, Manchester....that's my money that's being given away.
I gave it to the government (tax) - they spent it on wild schemes & pay rises, encouraged mad borrowing & lending, spent it on the 'bail out' and now is trying to entice further borrowing while the pound collapses!
NOT WELL DONE!

Phil, Preston,

Nice to know the collective genious of the Government has gone out of its to do over the savers, so now we will be gettting less then inflation.

Martin, London, Surrey

Surely it is a matter of demand and supply of money for the banks. Why does no one ever think of the poor savers

Jim, Telford, UK

Has Darling given them more of our money to do this? If not won't they be trading at a loss and therefore at risk of going bankrupt, AGAIN?!?
Monumental idiocy!

bill, Knaresborough,

"Take the billions back off the banks and give it to us in tax cuts."
The "billions" have been borrowed by the government so in effect your view is that the government should borrow to fund tax cuts. Welcome to George W Bush's world...still think it's the answer Darren from Manchester?

John P, Wirral, UK

I've worked with some of the brightest minds going.

The current system makes me feel ill at ease, because nobody really understands it, and it's all geared to constantly increasing production for production's sake - with no end 'objective' for economies to achieve.

Mark, Woking, UK

The banks ( inc Abbey ) have just increased their margins within the last couple of weeks and then claim to have passed on the full1.5% reduction. Spin. Spin. Spin.

Geoff, Plymouth, UK

Those bleating about the effect on savings and those (including the bandwagon-jumping politicians) clamouring for rate cuts, should understand that the the BoE rate cut is a broad measure intended to stimulate the economy for the good of us all. Its intent is not simply to bring down mortgage rates!

Rob, London,

This is just totally crazy. Why doesn't the government just run and /or nationalise every industry in the country and have done with it. Then we can all be civil servants on gold plated pensions.

Ian Skelly, Hemel Hempstead, UK

Great news, about time. Get that money flowing, well done Gordy , your getting more popular by the day !!

Lee, Sheffield, UK

its a bit bizarre asking the banks to pass on the rate cuts, when the government owns most of them anyway. impossible to kick start the economy after all the bubbles have burst. it will be interesting to see what one can do when the last bubble bursts, the u s bond market.

mike mckeary, paisley, scotland

Absolute madness. Financial institutions - encouraged by the Government - got themselves, and the country, in this mess by mis-pricing risk : now Darling and Brown are insisting they do it all over again !!!

john, Oxford, England

So does the government want to encourage savers or not or are they ie the taxpayer going to provide us all with their livelihood in retirement?Seems to me they just want to encourage more spending and more debt to keep the"feel good"factor going.

Andy, Bristol, UK

Barclays Bank has passed on the 1.5% rate cut to its Barclays Bank Base Rate tracker mortgage customers in full. These mortgage borrowers account for around 65% of all Barclays and Woolwich borrowers.

Amjed Hussain, Hale Village, Cheshire

a rational banker should, as it was the government who got them out of trouble last month !!!!!

yusuf, london, london

Alchoholics should Drink themselves sober!

Either the banks get their money back from their borrowers or they'll get it via the government (taxpayer) The first option only penalises people who have borrowed recklessly, the second option, penalises everyone! The first option is clearly best.

SRN, London, UK

A rate cut only benefits borrowers. As a saver I am appalled. I can spend the money for the good of the economy just as well as borrowers can, if not better. So why does the government constantly favour borrowers over savers? Cheap credit got us into this mess, it won't get us out.

Paul, Lincoln, UK

Everyone is clamoring for a windfal" tax. Notice that the government did rather well during the escalating oil price rises and pocketed the proceeds rather quietly. They didn't offer to give the taxpayer anything. And what were they doing while the banks were being reckless? That too goes unsaid.

Mike Rochon, Redruth, uk

Darling isn't replacing all the Banks funding with Treasury funds at 3% . He is not offering or expecting to do that. The banks are stuck with a lot of funding that they have done in the past at higher rates.
Political posturing in misunderstood situation perhaps?

N Reed, London, UK

the rate cut should not be passed to BTL mortgages. My landlord is demanding 6% increase, way over inflation. If landlords arent prepared to 'do their bit' they should not profit from this rate cut.

Adam, London,

The arrogance, and self interest of the Banking Chiefs defies belief.
They have shown time ,and time again they cannot be trusted to be left in charge of such an important part of the economy. As much as it goes against the grain I believe they should be nationalised, and then sack the lot of them

MIKE WALKER, Northwich, Cheshire

If some banks have cut rates, then borrowers do have access to cheaper money. Other banks may either lose business or have to cut their own rates in response. This is how a competitive marketplace works. No (more) government meddling is required.

johnny, london,

The behaviour of HM Treasury is a scandal. Britain needs fewer banks and debt write downs, not more loans to over-leveraged households with debts up to the eyeballs. Do the PM and Chancellor really think the UK electorate is stupid enough not to see these measures as election bribes?

mark, dubai, uae

Bankers, fund managers and pension trustees have squandered the peoples money.
The government should have and should continue to protect the peoples interests.The people have been robbed.
We have given the government the power to look after us, it's high time they did something like this.

john, woodbridge, uk

It seems like a 'windfall tax' needs to be mentioned?

Darling should give them 7 days to reduce their rates and after that 1.5% of their TURNOVER should be levied in windfall tax.

I doubt if there would be any further problems in passing on rate reductions.

J D S, Cardiff, UK

Banks always do this, while making savings rate cuts immediately. Summoning them to Number 11 to answer for it is a very interesting and welcome shift of power.

Joe, Manchester,

Who lends to the banks...other banks and us?
Who sets the Libor rate...the other Banks?
Who lends to the other banks that lend to the banks...Bank of England and us?
Why can't they pass on a reduction like they add on rises straight away...to make us pay for their mistakes?
I rest my case !

jeff langbridge, coventry,

Pointless, fruitless waste of time!

Take the bailout back off them and let them fend for themselves, then give the billions to to the taxpayers in tax cuts!

We need it more than they do!

Darren Ward, Manchester, UK

As much as I would like a lower mortgage rate, it is impossible when a large portion of banks borrowing is based on a much higher libor rate?? Also, the bank bailout cash can only go so far.

zeeuk, London,

If the banks & building societies do not pass on the rate reduction they should be nationlised. It is obcene that some people loose their homes through no fault of their own.
Yes some people may have overstreched themselves when money was cheap, but I blame Gordon Brown, Mervyn King
& the FSA

sheila wilson, Bishop's Stortford, UK

We no longer need and FSA or an MPC, the Government owns all the resources so why bother about how it spends them? The Government controls the land, development, the banks. People are as its chattels. This is the nearest we have come to communism in our history and this is just the beginning.

Malcolm Turner, Alsager, England

Darling - with BoE rates and LIBOR rates being somewhat different, are you seriously insisting that banks lend funds at a loss, or was this merely cheap political point scoring with an ignorant public? I suspect the latter. The only bank you own - Northern Rock - is the one behaving the worst.

Alex, London,

Same old banks always cheating

Henry Bond, Kensington, England

Whoa Mr Darling..cheap credit and reckless lending caused all this in the first place...you cannot be serious?!!

paul, london,

The government is attempting to manipulate the money market for social reasons, that is BAD! Why would any rational banker lend money on UK houses at 3 percent?

The reaction of the currency markets says it all: The pound went UP yesterday after an interest rate cut that was 2X that expected.

Pedro, Stratford,

This makes it sound as if Darling has any say in the matter.

L Hawkey, Enfield, uk

And Northern Rock? Alastair's own bank....how much are they cutting rates by this time? 0% so far according to their website. What a quacking surprise...

Anastasia Beaverhuizen, London,