Tuesday, November 4, 2008
Mandys’ warning to Bankers
Lord Mandelson upped the stakes in a row with UK banks this morning by warning that they face a customer backlash if they do not pass on interest rate cuts to customers. Britain's Business Secretary fired the latest salvo after an awkward 24 hours in the Gulf, which saw a senior HSBC banker travelling with the Prime Minister being attacked by No. 10 for saying that customers would not benefit fully from rate cuts.