Government and Labour’s Andrew Little at odds over mortage rates

Labour leader Andrew Little has warned the big banks to pass on the official cash rate cut made by the Reserve Bank or he will take measures to give them no choice.

According to Little, what was the the point of the OCR "if banks are not going to follow the guidelines?" saying he would consider legislating to force them to pass on reduction, though if he did it would be "with great reluctance and a heavy heart".

Labour leader Andrew Little has warned the big banks to pass on the official cash rate cut made by the Reserve Bank or he will take measures to give them no choice.

According to Little, what was the the point of the OCR “if banks are not going to follow the guidelines?” saying he would consider legislating to force them to pass on reduction, though if he did it would be “with great reluctance and a heavy heart”.

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