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Broker Talkback

Is the Government right to put so much pressure on the banks to pass on the full rate cut?

Yes 75%

No 25%

Yes “The Government is encouraging low interest rates to feed back money into the economy for individual by reducing interest rates so people who have mortgages should have more money available.”

Colin Watkins, Fairfax Life & Pensions IFA

Yes “It will help money go round and help save jobs, and hopefully help spending as well, which is what we need right now.”

Michael Brill, Baronworth

No “If they do. I do not know how they will be able to make any money and the banks have to make money.”

Michael Gallant, Michael Gallant & Co.

No “Rather than trying to force the banks to pass on rate cuts, the Government should force banks to start lending the money it gave them to small businesses so that people can keep their jobs.”

Jim Harries, Phoenix Wealth Management

Yes “The banks need to start lending at lower interest rates in order to minimise the depth of the recession.”

Stephen McDermott, Denney O’Hara Life and Pensions

Yes “I do not think banks should be charging loyal customers for their own failings. It has nothing to do with them. It is disgraceful.”

Chris Wharton, Chris J Wharton

Yes “The Government needs to get things moving again in terms of the wider economy and this is one of the strategies available to do that. It also needs to get the banks behaving reasonably again.”

Eugene Goodwill, Eugene Goodwill IFA

Yes “So that the end-user obtains the benefit from a mortgage cut.”

Stephen Lesser, Lesser & Co

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