Written by IainB

Saturday, 10 January 2009

image for Interest Rate Cut is not being passed on
Wanna borrow some cash, no questions? Apart from this question, obviously.

Investigations at the highest level of government began today as word reached them that not all lenders were passing on the interest rate cut.

Interest Rates are at 1.5% and are now as low as they have ever been, and look to head even lower, maybe even as far as zero percent. The thought behind the cut is to boost the economy by making it cost effective to take out huge loans.

Most of the high street banks are now part owned by the government since they were bailed out in 2008, and quickly lowered their interest rates, or risk losing the government's backing. Even credit card companies slowly came around to the fact that it had become cheaper for somebody to be overdrawn than pay their interest rates and the big three cards had reduced their interest rates to a mere 13%.

There is one sector of the loans community that has thus far refused to budge, and several agencies within the government are now combining in order to tackle them.

"Word has reached us," said Alistair Darling, Chancellor of the Exchequer, "that loan sharks are keeping their interest rates as high now as they have ever been. We would have hoped that they might have passed on the interest rate cut to their own customers, but their 135% interest rate appears to be holding steady, and even increasing in certain areas of the country. This just won't do.

"Labour is not an inactivity party, like some parties in this country, and we will be doing everything in our power to ensure that loan sharks also reduce their interest rates, starting with asking them politely."

Fingers McLowly, a loan shark in Salford, had this to say: "I'd like to see 'em ask me to lower me rates. First one here aint goin 'ome, let me tell you!"

The story above is a satire or parody. It is entirely fictitious.

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