The argument polarises into those involved in funding borrowers (or more likely helping existing imprudent borrowers keep afloat), and those relying on savers being prudent. The latter can put their money offshore where the government pressure is irrelevant.

James, London,

The root cause of the problems we face today is over zealous borrowing, so why are we being encouraged to borrow?

Thanks Gordon CLOWN, my savings are now devaluing at around 2% per year.

Phil Burton, Walsall,

I bet they don’t refuse to lower the saving interest rates! How much money is the government saving the banks by lower the rates?

GS, Berwick,

We shoulf of just let them all go bust, one by one.......I expect the sharholder and managers parties to be just as mesmerising this year.....

Andy M, Cornwall,

Banks still need money from the savers. The gov. bail-out is far from their only source of funding (and gov. money is on a very limited timescale relative to mortgages). They need savers and big cuts in interest rates will send savers elsewhere - or they are in bigger problems in 6 years time.

Ian, Norwich, UK

Whether we like it or not the banks have to rebuild their capital base so that the taxpayer can get their money back.

Yes they can cut costs to do this but the other way is by increasing the spread between savings and mortgage rates.

Either was we get screwed though.

Andy Davies, Glos, UK,

Ahh, yes, poor, honest bankers need to earn a living too, bless 'em. Socialising the debt after the fallout of banker's reckless greedy gambling means we, the tax payer, pick up the tab. But it's funny how profits were privatised - in the last 4 years bankers paid themselves 31 BILLION in BONUSES!

Frank Parry, Wokingham, UK

The Bank rules the world and not the government because government only last for ten or so years and the only thinngs government knows is how to pull votes if they can manage that? No government in the world can rule BANKS.

Dipak, Leicester, UK

Businesses have a duty to be ethical, and not make themselves billions of pounds profits at the expense of people and good business practise. People should come first with money serving, not the other way round. Unfortunately, in real life the tragedy is that we operate the other way round.

rachel, aberdeen,

It seems that your article failed to mention that Alliance & Leicester have neglected to pass on ANY rate cut to their SVR. It would seem that people with mortgages at the Halifax are, at a minumum, 0.25% better off!!

Scott, London,

I bet they will pass the full rate cut onto savers though..

malcolm, ely,

I hope they don't pass on the cut.

Richard, London,

The lenders don't hang around when the base rate goes up. They nearly always defer to the BoE as the cause of the rise.
So now they should also follow the BoE's lead - oh but the shareholders wouldn't like that, so stuff the borrowers.
Name & Shame: STANDARD LIFE BANK

CA, Manchester, UK

Savers will not leave their money in banks if the rates fall any further. That will leave a collapsed nationalised banking system with the Govt printing paper money to pay wages. Does this Govt really want to destroy the economy in its effort to win favour before an election?

Stephen Marchant, Newton Abbot, UK

Why cut the rates when the people dont see the benefit?! isn't this just a red herring? the government cuts the rates to look good, then doesnt force the banks to pass it on to the people! Surely the cut and the enforcement of the cut should go hand in hand. There should be options for the banks.

Matthew Patterson, Oldham, England

Perhaps the Bank's should link mortgages to LIBOR. This is the real cost of money and will quickly shut all the Bank critics up. With free banking, what else do you expect. The banks are not a charity. They pay billions in TAX and employ hundreds of thousands of people. Stop moaning...

Mark, Norwich, UK

Martyn, they are charities when the tax payer is bailing then out for their greed.

Will, Corby,

Perhaps the headline could have read "Savers benefit as Halifax refuse to follow the Bank of England cut". Everyone thinks of borrowers, what about the savers who are paying for the excessive borrowing of the last decade?

Ian Keeling, Stockport, UK

So does this mean the banks won't also pass the full rate cut on to savers?

susie, London, UK

Savers have rights too.

David Masu, Zürich, Switzerland

I do think the government should stop blaming the banks for everything. Most of the banks were offering really high interest rates up until last month. If the bank has a commitment to give a saver 6.5% for a year then surely commercially they cannot afford to give a borrower 3% rate for a loan.

Mike, London,

Ian Tokyo Not simple, simplistic. If I lend you money at 5% interest because I am guaranted a profit by the central bank which charges 3% interest when I pass on the loan leaving me to pocket 2%, and the central bank reduces its charge to 1%, if I don't rpass on the recduction I am in bad faith.

Fred, suzhou, China

No, banks are not charities, but if they're not going to pass on the interest rate cuts, the Bank Of England may as well not bother making them. It isn’t doing so to help the banks (which got us into this mess in the first place, don't forget), but to help the general economy.

Phil, Poole, UK

Credit cards and loans are still sky high. The interest rates on these are not falling, and they desperately need to.

This interest rate cut will achieve NOTHING.

Helen E., London, UK

If they maintain their savings rates I don't mind.

Tony, Islington, London, UK

All have sinned and fallen short of the glory of God.

Mark, Maidstone, UK

I'm having deja vu.

Why did the government think the banks would pass on the rate cut? They didn't want to last time, why would they this time?

Ross, Lancaster, UK

If the banks had not held out the hand of greed to the government then they can charge what they like for a loan.

As soon as they get MY MONEY via my tax then they should pass on every benefit they have to give.

They can's have it all ways, much as they would like to.

David Kinsley, Derby, UK

"Martyn Taylor, Swindon - They're businesses, not charities, and, like it or not, bankers have livings to earn too!"

- Why then they need taxpayer's money to run their business?

Somna, Sutton, Ebgland

With the logic of some of the comments below banks would only ever increase rates, never decrease.
They profited handsomely in the good times and they will profit now, just not so much.
Otherwise what is the point of having a base rate?

Bry Barnes, Somerset, Uk

It is crazy the Government bails these banks out, they should have made them sign an agreement at the time to ensure they pass these cuts on, and ont his basis, would be allowed access to billions of our money!

Tom, Chelmsford, Essex

The government cannot rely on these greedy banks to pass on interest rate cuts. And it is pointless to fine the banks as banks do not feel pain. A law on "profiteering" and "economic sabotage" must be passed putting the responsibility on individual CEOs and directors. Then the banks will behave.

George, London, UK

If it was your money you were lending would you cut the cost of a loan to someone who has secured the loan on an asset that is falling in value everyday? The risk to the bank has increased and it should therefore increase the cost of the loan. Hence why the rate cut is not being passed on. Simple.

Ian, Tokyo, Japan

In all honesty, why should the lenders pass on the interest rate cut?

They're businesses, not charities, and, like it or not, bankers have livings to earn too!

Martyn Taylor, Swindon, eNGLAND

What more proof do we need that this goverment finished,along with their cronies in bank of england,intrest rates cannot go any lower,banks need margines to survive,why should l lend money to british bank for no return alfter tax,?no savers means capital,good bye banking as we know it.

KENNETH BOWRY, LONDON ,

What about the people, like me, who don't owe a penny to anyone and rely on hard earned savings to provide interest payments to live on? We are being punished to save the reckless. I also support a number of poor families in developing countries so the exchange rate means more costs too. Why us?

David House, Wisbech, UK

It's an absolute scandal that the interest rate cut hasn't been passed on to customers immediately by the banks.
If the rates move even slightly the other way then they all put mortgage rates up. The Government should be able to enforce the rate cut or it risks becoming a toothless laughing stock.

Ken Foster, Blackpool, UK