Banking giants were shamed into slashing their mortgageicon rates yesterday following a direct order from the Prime Minister.

The move will be cheered by more than a million homeowners whose monthly bills will drop by around £135 on an average £150,000 loan, and many more should benefit soon.

It comes after banking chiefs were summoned to an emergency meeting at the Treasury yesterday morning and read the riot act.

On Thursday, the Bank of England axed rates by 1.5 points to 3 per cent, the lowest since 1955 and the biggest cut for nearly 30 years.

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Banks cave in on home loan rates: Millions WILL benefit as mortgage giants are forced to pass on historic interest rate cut | Mail Online

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