"Figures released yesterday, however, from financial data provider Moneyfacts showed banks were failing to pass on interest rate cuts to mortgage borrowers despite making severe cuts in savings rates. It said most institutions had already passed on the last half-point base rate cut to savers while holding back on cuts in home loan interest rates.
"Some providers are using the base rate cut as a way of increasing their margin for risk, by not passing on the full cut to mortgage customers but passing the cut on in full to savings customers," it said."
Alistair Darling gets the idea:
"So basically, you privatise something that ends up making £1200 a second and you nationalise something that loses £1200 a second.
"Swings and bastarding roundabouts."