Ok! After our second large drop in interest rates in a month you would be right to expect mortgage interest rates to be following suite - WRONG

It seems that Alastair Darlings showdown with the banks to force them to pass on interest rate changes to their customers has been something of a damp squib. For more background I have reproduced a article below found on The Daily Mails website. Click here to view the orginal page <><><><>

I wonder is there any benefit to dropping interest rates if the lenders do not modify their rates? As far as I can tell the answer is no Mr Darling stronger leadership please!!

HSBC pledges £15bn boost to mortgage market for 2009 as Darling backs away from showdown with the banks

HSBC has pledged to pump an extra £15billion into mortgage lending next year, bringing some much-needed cheer for struggling businesses and homeowners.

The High Street giant promised to make £1billion in extra funding available and increase its lending by a massive £15billion in 2009 - a 20 per cent rise on last year.

Its UK chief Paul Thurston said: ‘HSBC has no intention of closing its doors to customers, nor will we compromise our reputation for responsible lending. We remain open for business to the tune of £15billion.’

The boost came as Alistair Darling stepped back from another major showdown with banking chiefs over their failure to pass on interest rate cuts to borrowers.