RBS criticism for refusing to pass on rate cuts

Telegraph - RBS is refusing to help borrowers or savers despite receiving a £20 billion bailout from the taxpayer, experts said.
Other leading high street banks, including Nationwide, Lloyds TSB and Halifax, have confirmed that they will be lowering their standard variable rate for mortgage borrowers.
RBS is maintaining its SVR at 4 per cent despite the Bank of England cutting interest rates to just 0.5 per cent on Thursday.
The bank has also it would be cutting some of its savings deals by up to 0.2 per cent.
Politicians and financial experts attacked RBS's decision, calling for pressure to be put on bank chiefs at RBS to pass on the cuts to borrowers.
Tim Newhouse, of the price comparison website Moneysupermarket.com, said: "It is disappointing to see the bailed-out RBS Group freezing SVR mortgage rates while cutting savings returns. It shows the futility of the Bank of England's decision on Thursday."
Vince Cable, the Liberal Democrat shadow chancellor, said: "My primary concern is for savers and they need to be given the best possible outcome."
RBS said the Government wants it to operate on a commercial basis in order to allow us to repay the UK taxpayer as soon as is practicable.

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