Around 5.5 million homeowners who have a variable rate mortgage are licking their lips at the prospect of seeing their monthly repayments fall.

Mark Carney told banks there was "no excuse" not to pass on today's 0.25% cut in full - the economic stimulus package has been designed to ensure they are in a position to do so.

Tracker mortgages are lined to Bank rate and will fall automatically, but around 2.5 million mortgages are hitched to the Standard Variable Rates of individual banks and the outcome here is less certain.

Barclays and Santander were first out of the traps to reassure borrowers the cut will be passed on. Royal Bank of Scotland and Lloyds - the banks taxpayers own stakes in - are "reflecting" about what to do with their SVRs.

Mark Carney can't compel them to comply but there will be an almighty hullabaloo if they don't.

The obvious loser today are those who have worked to squirrel money away. Money in the bank is likely to lose value in the months ahead as inflation picks up and workplace pensions will suffer yet further indignities.

Eight years of uber low interest rates have already had a devastating effect on final salary pension schemes and annuity rates.

Companies have found themselves struggling, on paper, to fund the promises they have made staff in retirement.

BHS is a sorry story of what happens when deficits spin out of control. The Bank of England's stimulus package will put even greater pressure on firms to find extra money to fill holes that appear as deficits widen.