"Those banks that do not pass on interest cuts are acting in direct defiance of the wishes of Government, industry and - most importantly - thousands of hardworking British homeowners.
"Those lenders involved in this damaging standoff should be ashamed of the lack of commitment that they have shown to helping house-hunters. The biggest problem in the housing market today is a lack of consumer confidence - and a clear commitment from all banks to pass on the full 1.5 per cent cut to customers would inject much-needed confidence into the system.
"We know that a positive housing market is essential for the overall economy. Reducing the rate will help send a clear signal to the market and allow fluidity of mortgages to be loosened - giving the market and the thousands of house hunters out there the positive impetus they need."
