“The cut of 1.5 per cent is a brave move from the Bank of England, and shows that it means business. But the drastic measures need to be passed on to consumers, and quick.

“So, far, mortgage lenders have been slow to pass on base rate cuts as the inter-bank lending rate remained high, however, there is hope that they will move faster this time. Lloyds TSB has already pledged to cut its standard variable rates in line with the rate fall and hopefully other lenders will follow its lead.

“However, I do hope that the lenders pass on the full cut of 1.5 per cent, rather than a token amount. The banks have already been bailed out by the Government and a rate cut should now be aimed at helping consumers who are struggling with their mortgage payments.”