CEO of HSBC David Hodgkinson yesterday warned that, even if the Bank of England makes another interest rate cut, it may not be passed down to borrowers.

Mr Hodgkinson said that there would be some “stickiness” in mortgage and remortgage rates, despite the Bank cutting the interest rate by a further 0.5% as expected on Thursday.

Since the first interest rate cut at the beginning of October, many mortgage deals have failed to reflect the central bank’s rates, spelling bad news for mortgage or remortgage customers.