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WILLIAMS WELCOMES RATE CUT

November 7, 2008 1:22 PM

Commenting after the Bank of England's Monetary Policy Committee decided to cut interest rates by 1.5%, Liberal Democrat Shadow Secretary of State for Wales Roger Williams MP said:

"I am very pleased that the Bank of England has made this move, which makes sense in the current economic climate.

"It is now vital that this cut is passed on to consumers, or it will mean very little in practice.

"The Government have made some progress in bringing in measures to stop unnecessary repossessions, but now they must make sure that banks adhere to these.

"The Liberal Democrats have been saying for some time that a significant cut in interest rates was needed to kick-start the economy. This is certainly a step in the right direction."

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