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"[00:00:00]&gt;&gt; It's the Bank of England's biggest intervention in Britain's banking market in four years, a quarter point interest rate cut aimed at easing the economy through a period of uncertainty. There's also 100 billion pounds of new funding for lenders to help them pass on the right cut to borrowers.[00:00:16]Bank Governor Mark Carney says there's no excuse for not passing on the cut in full, but Reuters' economics correspondent David Milliken says some companies are reluctant to play along.&gt;&gt; The challenge for some banks is that they already raise funds at rates cheaper than the Bank of England is offering.[00:00:34]So that means that, if they do actually cut rates for borrowers, they will end up sort of making less profit, or potentially even a loss than they would before. Another factor as well is that the economic outlook is getting a bit darker as well, and so banks may be more concerned that sort of mortgages might turn bad or business loans also sort of might turn bad as well.[00:00:54]&gt;&gt; The central banks moved quickly to try and stimulate the economy after Britain' s decision to quit the EU. But it could take months for competitive forces to kick in, prompting banks to lower their lending rates.&gt;&gt; I think the bank will be hoping that there will be an impact fairly quickly, but certainly of the Bank of England Deputy Governor Ben Broadbent, when I was speaking with him last week it was clear that this isn't going to be instant, that it is something that will take a bit of time to feed through.[00:01:19]&gt;&gt; Analysts say the bank's post-Brexit plan is likely to provide no more than a small boost to the economy, but they say it won't be a game changer."^^<http://www.w3.org/2001/XMLSchema#string>
<http://www.reuters.tv/v/DrZ/2016/08/10/central-bank-s-brexit-plan-not-a-game-changer>