The Bank of England cut interest rates first to 0.25% and then to 0.1% during the first half of march.
There were announcements made by major high street banks that “They would be passing on the rate cut only to base rate tracker mortgage holders”.
The Bank of England released statements alongside those of our Chancellor Sunak that "We have acted this early so that this rate cut can be passed on in full, and there’s plenty of time to get the paperwork and arrangements done.
So… We are into a new month - and guess what?
NO CUT IN MORTGAGE PAYMENTS!
…Not merely “Not done in time”… - No letter arriving to point out that payments have been lowered in line with BoE policy and forward guidance.
These lenders - have seized upon an opportunity then to defraud many many customers who have contracts compelling these lenders to pass on BoE rate cuts in full within a reasonable period.
They’ve deliberately decided to “Ingnore” this contract.
https://www.moneywise.co.uk/what-bank-england-base-rate-cut-means-borrowers-savers-investors
It didn’t happen. The TWO rate cuts, sharp and very-much-needed by borrowers - didn’t happen, and shows no signs of “being about to happen” neither.
When rates go UP…
When rates go DOWN…
They’ve promised to follow suit - and have not. This makes their announcement of passing on rate cuts - fraudulent.
They didn’t even pass on the first of the two cuts made - This makes their announcement of intent to “lower rates for base rate trackers” - fraudulent.
Action is also in place right now to trick people into using what little they have left in income and savings - to pay down debts whilst going without other provisions to do this.
Once the debts have been paid - banks can then close accounts of people without further ado.
It isn’t easy to close an account - with an outstanding balance, however. A bank acting in this way - would effectively be writing off any outstanding amount… So they won’t and don’t do this.
People with positive balances - are already receiving near zero on their savings. They WANT you to close your accounts, or at least “pay to keep your account open in future”.
They are worse than “Gangsters” really, since at least a ganster will hold an actual gun to your head when making their “threats”…
What can the Police ever hope to do when it comes to bringing banks to account for the mayhem they’ve done people in the past, and the accerlated rate of public attrition they are going to bring about in the future now?
There should be no excuses for this - after all, returns on SAVINGS accounts were pretty much cut instantly - were they not?
Meanwhile, Sunak makes all these financial promises to struggling citizens and businesses alike - only for this anticipated flood of money coming the public’s way to “get intercepted by the very banks” that I speak of.
Double Fraud?
FFS We always new that the Banking System were part of the “Problem” rather than the Solution - but the blatent way they are acting now absolutely beggars belief!!
I strongly suggest that anyone waiting patiently for a “Grant” to bail out their ailing business - might want to make some alternative contigency arrangements, such as withholding money due to pay down credit cards, and other so-called “Bank Products”…
I don’t think much of this chancellor-promised bail-out money is ever going to materialize.
Want a Loan? - High rates of interest borrowing ONLY available to the likes of most people, regardless of credit rating…
Thus, everyone’s credit rating has de facto been destroyed at once by a combination of both the Banking System and that MI5-like arm of the banking system - Experion.
If a bank decides not to honour it’s own contracts, and pull the rug from ALL small to medium sized businesses…
When the smoke clears, there will only be Big businesses in the pockets of Deep State players left - the rest of us are GONE.
Is it any wonder that the hotlines for Universal Credit are jammed all the time, with so many falling off the wagon at once as we speak?
A banking Default against the Public - Who would have thought.
A banking Moratorium in the early 1930’s - did more damage to ordinary people with formerly ordinary amounts of money - than the Stock Market Crask of 1929 did…
that only hurt those actually opting to take a RISK after all.
What is going on now as then - threatens to ruin us ALL.
Instead of which we had the oxymoron of Nationalisation throwing public money at an industry which was being decimated by imports.Within the free market under Socialist policies which said we musn’t get ahead at the expense of our foreign friends and comrades.What could possibly go wrong.