Letter: Of interest to banks

Sir: Headline from today's Independent: 'Banks cleared of not passing on rate cuts'. Advert at bottom of same page by a bank announcing 1 per cent base rate cut: 'Authorised overdraft rate on cheque account is unchanged at 17.5%'. Like the Chancellor, I must not be 'misled by anecdotal information'. It seems I wasn't.

Yours faithfully,

BILL ALLEN

Oxshott, Surrey

27 January