The UK banking sector has snubbed the Prime Minister by refusing to pass on in full the 1% cut in interest rates announced on Thursday.
John McDonnell MP, LEAP Chair, said:
"The banks are deliberately snubbing the Prime Minister by refusing to pass on interest rate cuts.
"These banks have betrayed our country, brought about this economic crisis and recession by their obscene profiteering, and now are refusing to co-operate in even the slightest way in the Government’s attempts to protect people’s jobs and homes - despite the fact the entire system has been bailed out with public money.
"The only viable solution now is to bring the banks into public ownership and control. There is no other way and the Government should not delay."