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FT.com - Money

FT.com - Money

Not all lenders pass on the full rate cut Some of the banks that have taken a government cash injection are refusing to cut their mortgage rates by a full percentage point UK interest rates lowest since 1951 Interest rates were slashed by another percentage point, bringing the official cost of borrowing down to 2 per cent, equal to the lowest rate since the Bank of England was founded in 1694 Brown throws homeowners mortgage lifeline Homeowners facing the threat of repossession were offered a government lifeline in the form of a £1bn scheme that will allow mortgage interest payments to be deferred for up to two years New Star agrees to hand over bulk of company to its banks New Star Asset Management, one of the UK's best known fund managers, has had to give up 75 per cent of the business to its banks in a deal that will all but wipe out... London Scottish files for administration Ernst & Young appointed after the bank failed to make up a shortfall in its capital ratios or secure a takeover