Another good argument to bring back mutual societies. Then the customers are the owners and a reasonable balance can be struck.

Andy M, Wantage, UK

Untill savers are getting a proper return nothing should be passed to borrowers. Surely in current circumstances savers should be getting three percent over inflation to allow for post tax return as an absolute minimum.

Crowther, Silsden, UK

It is obscene that the very institutions that caused all of this are now going to be the ones getting richer on the back of all this misery. I am an IFA and the lending conditions have got tougher and tougher so people will be stuck with high rates and the banks will make even more money

Martin, Chippenham, Wiltshire

How dare HSBC think that they are more important than the economy. The banks have caused the recessionary spiral that we find ourselves in by being irresponsible and lending far too much money to people who do not have the means to pay. They have to make moves to resolve it not put profits first.

Sally, Birmingham,

This always happens when base rates change, the banks increase their margins at every available opportunity. They have to fund their bonuses somehow!

David Leslie, Perth, Scotland

As HSBC is the only major bank which is financially solvent, then one would hope that it would take advantage of its competitors misfortunes by offering decent savings rates. Let the others go under if they refuse to do so.

Paul, Coventry,

To give people more money that they do not own for retail goods that they can not afford ?

Excellent Banking !

Bernard Parke, Guildford,

I think rates should go up. Lowering interest rates will just encourage more borrowing leading to more debt. Even savers will begin to wonder if its worth saving anymore. Lower interest rates only helps the Banks take from us all.

David, Doncaster, UK

The banks tell the government to jump and they ask "How high?".

Interest rates are being cut for one reason only - so the banks can increase the margin between their savings rates and lending rates. This is how how they are going to recover their sub prime losses. The British public are paying.

Fred, Moray, Scotland

"HSBC will not pass on Bank's rate cut"
You bet they will to savers!

Chris, Birmingham,

Banks over leveraged and were all to happy to lend on rates available, they made the mistake they must now adjust their balance sheets and if necessary make their shareholders take the rap not their customers.

Banks operating margins are too high and competition zero, bring on an investigation!

Robert Marshall, london, UK

Just make sure you remember this when you go for your next mortgage, vote your feelings with your feet, don't mortgage with Abbey National

Nigel, Cheltenham,

How can Abbey put UP the rates on a tracker mortgage when the base rate is going down ? That isn't a tracker is it - that's a variable rate.

chris, Bromley, UK

I bank with First Direct, owned by HSBC, & have noticed that this appears to be the only bank group that has weathered the credit crunch. Not only that, their call centres are SOOO much better than the outsourced rubbish of other banks. A bit rich the PM slamming them for good business practice.

The Judge, Tunbridge Wells,

If HSBC do not reduce interest rates in line with the Bank of England, move your mortgage. If enough people do it, they will soon change their minds.

peterj, aberdeen, uk

The banks are finally being rsponsible, but this does not suit our spendthrift sub Prime Minister. Caution has to be the watchword: in the long term it will win more votes.

James, London,

They will surely pass on rate cuts to their depositors, won't they?

Mike O Connor, Plymouth,

HSBC is prudently managed so has avoided the lax-lending mistakes of others that have caused so much damage - now Gordon wants to force the last decently run bank to join the others in relaxing its lending standards and cutting it margins just as the price of real money rises. Not very clever is he?

Father Ignatius Brown, Norwich, Norfolk

Hands up all those who would be proud to work for a bank!

Once upon a time, bank managers were respected members of society. Usually unhelpful, but respected.

Politics is about defining and shaping society. Time for massive culture change.

Alistair Nicholls, Manchester, UK

Have the government not learnt that slack lending got the world into the current crisis. HSBC are not on the ropes because they lend sensibly. Other banks take note!

michael huber, harrogate,

With regard to your case study. There are other businesses in Chipping Norton that are still thriving. Small business must adapt to the market place. Long gone are the days when people threw money at anything that moved. Business has relied on easy money for too long and are not used to adapting.

Chris, Chipping Norton,

Its absurd the govt are forcing the BOE to cut rates anyway. This will simply punish savers and have little effect on borrowers. Teh government are not trying to return us to a sensible economic regime - onlt pump up borrowing in the short term to get re-elected.

TC, London, UK

I am two and a half years into a ten year tracker mortgage with HSBC, Is this proposal just for new customers or can the bank alter my tracker rate on a whim? At the moment I pay .99% above base rates and have seen my rate reduce recently and would hate to see my bank move the goal posts on me.

Derek, East Yorkshire,

Time for Brown to get tough with the banks. if they won't play the game he'll have to fine them, and if they increase rates, fine them even more: possibly the CEOs should be made personally liable if they increase rates. Or just nationalise them and be done with it.

C Smith, Liverpool, UK

Presumably our now nationalised banks will be able to use HMG's capital injection at 12% to restart their lending, albeit at a margin. It seems there will be some way to go before interest rates for small business come down.

Mike, Huntingdon,

Obviously not much hope that the banks will mend their ways from the greedy behaviours that got us into this mess. Instead they want to milk the taxpayer to get them out of the mess whilst honouring obscene bonuses for failed banks and passing the burden onto their customers too. Outrageous.

jon underwood, Edinburgh, UK

Let's wait for the reaction of the "nationalised" banks, which will in some way indicate the effect of government policy. HSBC are in a different league, if not a different game.

Mike L, Chippenham,