The bank says the rate cut will be effective from 12 January. John Maltby, managing director of Lloyds TSB Commercial, says: “Today’s announcement takes the Bank of England base rate to an unprecedented low and we want to give our customers the full benefit as soon as possible to help them through a particularly tough year. “As well as our promise to pass on rate reductions, our lending continues to grow and we’re committed to supporting viable businesses wherever possible when they need finance to help them through short term difficulties.” The banks have been criticised for not passing on the raft of rate cuts made by the central bank during the past year. Related articlesInterest rates cut to 1.5 per centInterest rates: reaction to record lowPicture source
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.