Nationwide, Natwest, HBOS and Royal Bank of Scotland are the latest mortgage lenders to bow to government pressure to pass on this week’s full 1.5 percentage point cut in base rates to borrowers, announcing that mortgage customers on their standard variable rate will benefit in full.

The news comes after Alistair Darling, chancellor, renewed his call for Britain’s banks to drop their mortgage rates as quickly as possible after summoning banking chiefs to an emergency meeting.