Finance Minister Bill English has rubbished the Labour Party's plans to make banks pass on cuts to the Official Cash Rate.

Rachel Smalley: Government should never force the hand of the banks

MORE: Labour would force banks to pass on OCR cuts in Govt

Labour leader Andrew Little stated that if his part is elected into government they would consider legislation to make banks pass on OCR cuts to their lends.

The OCR was cut to 2.25 last week, but not all banks have lowered their mortgage rates.

Bill English told Mike Hosking there's no other country in the world that does it.

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