‘Government must now insist cuts are passed on to consumers’ Speaking this afternoon following the Bank of England’s decision to cut interest rates, Stewart Baseley, Executive Chairman of the HBF said, “This is a welcome and bold move by the Bank, and recognition of the unique economic situation. As the Government indicated last month when announcing its proposals to inject liquidity in to the banking system, it is now imperative that the Government insists that the banks pass the rate cut on to homeowners. Hopefully then, the combined steps taken by the Bank and Government will result in a return of some sensible levels of mortgage lending and increased consumer confidence.” - Ends - Notes to Editors: 1. The Home Builders Federation (HBF) is the principal representative body for private sector home builders and voice of the home building industry in England and Wales. The HBF’s 300 member firms account for some 80% of all new homes built in England and Wales in any one year, and include companies of all sizes, ranging from multi-national, household names through regionally based businesses to small local companies: www.hbf.co.uk For media enquiries, or to arrange an interview, please contact Steve Turner 020 7960 1606 07919 307 760 steve.turner@hbf.co.uk
