Base rate interest

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In the ongoing interest rate saga (regular readers can look away now), C Hegarty (Letters, 12 November) quotes the Council of Mortgage Lenders (CML) in support of his position.

I am sure that C Hegarty knows that the CML is a trade body and, like all trade bodies, protects its own patch. In 2008, mortgage lenders were being castigated because of their propensity to increase rates when base rate went up while failing to reduce them when it went down – hence their “nothing to do with me squire” response.


Mayfield Terrace