Yet again, Brown and his 'prudent' New Labour favour the chancers.

I wish I lived in a democracy.

Oli, Manchester,

Last year I chose a C&G tracker at 0.39% over BoE for the mortgage term. Maybe they thought the £499 fee was enough for them until rates went up forcing me to buy something cheaper, only now I am sitting pretty. I guess other mortgage holders are supporting their business for me.

AJ Kern, Soton, UK

Now it starts, the government decides to use banks to subsidize those it feels appropriate. All nationalized industries fail, because politicians act politically rather than following market forces or economics. The UK will suffer the fate of the soviet economy unless there is a change.

chris clarke, Chappaqua, USA

Good old HSBC passing on the full 1%, however lets not forget that they only passed on half of the previous 1.5% rate cut!

Mark, Watford,

As a Nationwide savings customer I am very pleased that my building society is not passing on the decrease. Being a careful saver all my life I don't want to be penalised by wastrels that have borrowed too much and cannot pay it back!

rich, windsor,

This is about Gordon Brown supporting the Labour Vote -- nationalization of banks, devaluation of the pound to the point where he will argue we are 'forced' to join the Euro, increased taxes for business and increased benefits for poor labour voters. Happy Labour, Brown's a mastermind!

Fred, Sheffield, UK

How about they get the credit card companies to reduce their punitive rates.? That would be more likely to get people back in the shops.

James Barrel, Goole,

So we savers are financing the reinflation of the housing boom? How nice that those of us who are frugal and live within our means are giving money to those who borrowed.

House prices still need to fall significantly so that people who save a deposit can afford to buy a house to live in.

CP, UK,

govt should start kicking Northern Rock - there SVR is currently almost 3% above base rate even before yesterday's cut. I (supposedly) own this bank, so why I am being penalised

David, Nottingham,

clawback the bailout - its can be no simpler - watch them sink

Ben, Ashby,

No wonder Brown is now being seen as a terrible Chancellor echoing what I have said for the last 10 years. Banks cannot afford to pass on the rate cuts as who will deposit money with them for virtually no return? Also banks have fixed costs that have to be paid, i.e. staff, premises taxes etc.

ian, Maidstone,

Will Mr Brown & Mr Darling also consider reducing the Standard Inland Revenue rate for concessionary mortgages.
It has stayed at 6.25%, therefore anybody on a staff tracker mortgage has not gained at all and therefore has no 'extra' money to pump back into the economy

Mark , Mold, Wales

It is time for us savers to withdraw all our deposits from the British banking system, then see them cut rates again!

Paul, Coventry,

Devalued currency, demolished house price and decimated savings. Time to dust off my olde tin box.

Pete, City of London, UK

How did Brown's "I think banks should really pass on the interest rate cut. We are talking to the banks." translate into your headline of "Brown will force banks...."????

Paul T, Tampa, US

RBS has not even passed on the benefit from the last 1.5% cut. On many mortgages they have pocketed at least a 1/2% of that cut. This is disgraceful and disingenuous. Government action is needed to ensure that the full 1.5% from last time is passed onto all variable rate customers.

Colin, St Albans,

L Anderson complains about cuts not being passed on in full to borrowers but for every borrower there are many depositors. They lend to societies etc to enable them to lend to mortgagees but if the present trend continues they'll soon have to 'pay to lend' as their meagre, taxed, interest vanishes.

Maddy, Worcester, England

This shows how little Brown understands the way banks work.In the current climate the banks need savers not more borrowers and further losses.He will be setting the prices in Tesco next.

Rab, Glasgow,

If you are a saver get your money out now before it's too late Brown wants to control everything, including your savings!

david webb, bournemouth, uk

How about treating savers fairly! We are also customers of the banks and building societies.

Is it only debtors that matter nowadays?

Maxine, Southend, UK

Brown's adding to the likelihood of mortgage rationing easing its way in for 2009. If banks are forced to keep consumer lending at unprofitable or even sub-LIBOR rates, while deposits pour out of low-interest savings accounts, I just can't see them being keen or even able to pursue new lending.

Matt, Byfleet, UK

R Holmes - you have a SVR mortgage, not a base-rate tracker. This is the same misunderstanding that Darling and Brown keep repeating. Interbank funding comes from Libor, not BoE base rate. Banks will not reduce SVR while Libor remains high, and higher risk of default must be priced in too.

JK, London,

Holmes, (Stockport), Wake up!
If you had a Tracker mortgage, Yes.
You have a discretionary SVR, so you get a discretionary 1.2%.
Don't sign if you don't understand.

Charles, Hampton Hill, Middlesex,

Yesterday, the swap rates actually rose. Banks cannot lend at a rate below that which they can borrow. The rates partly reflect the risk of default, which is now very high. Gordon Brown however, wants Banks to ignore this. Banks are not profiteering, but being prudent.

Barry, Amsterdam, NL

oh yeah, him and whose army?

peter c, Devizes, Wessex

I have a tracker mortgage and am savings lots of money on my mortgage payments, but I won't spend any of it - I am too busy making capital payments in order to reduce my loan to value and keep out of negative equity.

Tony, Leicester, England

If the government removed depositor guarantees from all those banks which refused to pass on the interest rate cuts, we may see a change of position from them as they watch their depositors move their money to safer havens.
Mr Brown, please get tough with the banks now. Re-election is the prize!

Wayne Lord, Derby,

Anyone who still believes that we ever had a "boom" will have seen the real truth of it- what we really did was borrow to fund a party which seemed like ti could never end.

And now Brown is trying to spare us from the consequences. It's like trying to pep up a drug addict with more drugs

Andy r, sheffield,

By lowering interest rates below that of inflation, those most in debt and with the largest mortgages have been rewarded, while those who have saved and invested for the future, especially the old, have been penalised. What example is this to encourage the virtues of individual fiscal prudence?

A Green, Southend-on-Sea, England

The Prime Minister cuts the Int. rates & asks banks lend money. We gave you £100 billion in Oct 07, £200Billion in May 08 & £500billions in October 08. The banks say NO! Then Prime Minister please, and they say NO! Then he says pretty please . They ask what part of the word NO dont you understand?

Mike , Camberley, UK

The banks have to make a margin on the difference between the rate at which THEY borrow from the money markets and the rate they give to customers - otherwise they go bust! Remember they owe the nation 300 billion between them - ultimately, the we pay!

David, Reading, England

Its al well and good cutting rates but banks rely on libor and the problem is availability of new money and lending critieria ,something that whether we like it or not the banks have to decide for themselves.They are commercial entities at the end of the day and have to make profits.

dave Spice, Bournemouth, UK

Now is the time to read or reread Hayek's "The Road to Serfdom".

Steven Baker, High Wycombe, United Kingdom

Hurrah for Brown his grandstanding is so reassuring!

hamish, london,

Let's not focus solely on mortgages but also call the banks to account for their unfair and unhelpful policies on overdraft rates. If anyone cares to do a little research on their own personal o'draft rates they may find like me that over the last 4 years the margin over base has increased by 105%

H Smith, Formby, England

I see Norther Rock's Mortgate rate is between 5 and 6 since they are 100% government owned why not reduce their rates first as an example

Nic, lincoln,

The Government has bought major shareholdings in the main high street banks. Surely as a large shareholder, it is a case of "telling", not "asking" banks to pass on the cut.

Peter, London,

Crash Gordon!
Still talking.
Still promising.
Still DITHERING!
Still COWERING!

Already 6 months too late.
And with each horrendously inexcusable monthly delay likely to cost 12 months of real time 'recovery'!
Brown is a dissaster.

Lord send us a real leader with courage and decisiveness.

dave, cumbria,

So much for passing on the rate cuts - the Scarborough Building Society has only passed on 0.3% cut out of the first 2.0% cuts combined.
How does this help people - it only serves to grow the coffers of the Building Society.
Why not impose large fines to all banks and building societies.

L. Anderson, Scarborough, North Yorkshire

No he won't, no more than Darling or Mandleson, both of whom have said exactly the same, managed to. Brown has been getting bad press for a couple of days so he needs a publicity fix that sounds/reads good. No more, no less.

A.Williams, Cradley Heath,

Gordon "King Canute" Brown is telling the tide to go out again. Doesn't he realise that a business has to make a profit or it goes broke. They can't reduce the interest they give to savers below zero. In any case who is going to save with these levels of interest? No savers? Well print more money!

Richard, Alicante, Spain

Im with Norbury Building society since i re-mortgaged last year. Ive a SVR mortgage and since November the rates have dropped 2% i have only been passed on 1.2%. i think they should pass on all the rate reduction isnt that what having a Variable mortgage is about???

R Holmes, Stockport, England

Wonderful, now we're heading for a nationalised banking industry, and as what's left of the pound slithers down the drain, the govt will no doubt be "forced" to adopt the Euro as our currency. All of Gordon Brown's and old labour's dreams are coming true. They must not be able to believe their luck!

Ed, London, UK