Passing on Cuts to Savers

While driving home from a Christmas shopping trip this afternoon, I heard a news item on Radio 4 which stated Gordon Brown was going to force banks to pass on rate cuts to customers. Not borrowers, you understand, but customers. In fact, by passing on cuts to borrowers banks have to pass them on to savers too, or they lose money. Brown knows this, but he doesn't really care much for savers, as his record shows.

Next time your building society or bank cuts your savings rates, you know precisely who is to blame.