TIME TO GET TOUGH WITH THE BANKS

For the past few years I have had what's called a "tracker" mortgage. I took it out a couple of years ago in anticipation of falling interest rates. And guess what, Lloyds TSB has now withdrawn it . Still, I'm one of the lucky ones. Unlike many of the High Street leanders, Lloyds is one of the passing on the full interest rate cut to its borrowers. Many of the rest, including those part nationalised by the Govt, are refusing to do so. People are not impressed with this disgraceful attitude -so much so that John McFall MP was on the news last night calling for full nationalisation unless they did the decent thing and responded to the Bank Of England's one per cent reduction. He seemed to see this as a regrettable threat. I think it should be a promise to all the taxpayers who have helped bail out the banks and mortgage companies from imminent collapse.
Gordon Brown told GMTV yesterday: 'I think banks should really pass on the interest rate cut. We are talking to the banks. Remember last time there was a cut, we had to speak to them before it was passed on and we will be speaking to them again.'
Actions speak louder than words, Gordon. Let's stop the banks and lenders taking the mickey and go for full nationalisation and public ownership.It's our money which is propping up these arrogant profiteers after all .