Lloyds Banking Group pledges to pass on base rate cuts to businesses

www.moneynews.co.uk > Banking > Lloyds Banking Group pledges to pass on base rate cuts to businesses

Lloyds Banking Group pledges to pass on base rate cuts to businesses

Wed 4th Feb 2009

Lloyds Banking Group, the super-bank formed by the merger of Lloyds with HBOS, has announced that it will pass on any cuts made to the base rate of interest to its small business customers.

The group said that businesses which bank with Lloyds TSB and the Bank of Scotland will pass on any reduction in the base rate from February 9th.

John Maltby, managing director of commercial banking at Lloyds Banking Group, said that the company was committed to doing "everything possible" to help small businesses through troubled economic times.

He added: "Across the Group we have more than 800,000 small business customers and we have made wide ranging pledges to help small firms steer a course through this particularly tough economic period."

The Bank of England is widely expected to announce a further reduction in the base rate of interest later this week, with one analyst from Barclays predicting it will be cut by 0.5 per cent.

Click here for more banking news

Related News : Banking
	Young people 'should be taught to save'
	Families 'should plan for their children's future
	Switching bank accounts 'not as easy as banks portray'
	Brits facing finance difficulties 'should talk to their bank'
	Brits 'should utilise Isa allowances'
	Brits advised on investment options
	Children 'should be given bank accounts at 16'
	Falling inflation 'could help Brits save'
	Money worries 'are mounting for many'
	Contactless payment 'is secure and convenient'

Related News : LloydsTSB
	Lloyds TSB increases interest rates for its Young Saver account
	'New' universities contribute to higher mortgage rates
	Property prices rise across London and UK, studies show
	Lloyds' decision to leave PPI row supported by uSwitch
	Lloyds TSB fixed rate mortgage 'offers choice'
	Savings accounts provider Lloyds TSB launches social media scheme
	Savings account provider Lloyds TSB highlights Scottish recovery
	Lloyds buy to let mortgage announcement 'is restrictive'
	Savings accounts provider Lloyds TSB supports increased use of fivers
	Lloyds TSB savings accounts 'not impressing consumers'