Dominic Hannigan (Labour)

I welcome the announcement that the European Central Bank is to reduce the interest rate by 50 basis points. That will mean an extra €250 million in home-owners' pockets. I am also glad to see that the Bank of England is to reduce its interest rates by 1% later today. The UK is one of our biggest markets and that will increase consumer confidence there, which should lead to benefits here. The benefits will only be felt, however, if these cuts are passed on by the lending institutions to homeowners.