UK Tsy`s Timms Says Banks Need To Help Savers Too

`We expect them to pass these benefits on, through supporting savers as well as helping borrowers,` said Timms.

UK Treasury minister Stephen Timms said on Thursday that banks benefiting from the Bank of England's latest interest rate cut should think of ways to help savers as well as borrowers.

"The overall impact of this cut in interest rates is to put more money into the economy, especially because of the cuts for many mortgage holders," Timms said after the BoE cut rates by 50 basis points to a record low of 1.0 percent.

"We do expect them to pass these benefits on -- although there are different ways they can do this, including supporting savers as well as helping borrowers."

Savers have been complaining of getting a raw deal after interest rates have fallen by four percentage points since November as the central bank does its utmost to pull Britain out of recession.