Lloyds TSB claims rate cuts have affected lending
www.moneynews.co.uk > Banking > Lloyds TSB claims rate cuts have affected lending
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Lloyds TSB claims rate cuts have affected lending
Tue 3rd Mar 2009
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Trevor Williams, an economist at Lloyds TSB, said that the previous rate cuts had helped to make borrowing cheaper, but they were not helping to generate growth in the economy as a whole at the moment.
"Clearly if we find that the economy is still weakening it is not yet having a discernable effect", he said.
The central bank has repeatedly cut the base rate over recent months and it now stands at an all-time low of one per cent, with many experts predicting it will fall by a further half a per cent when the Monetary Policy Committee (MPC) meets later this week.
Mr Williams' comments echo those made by Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors, who said the MPC's decision on rates is no longer "terribly important".
He said cutting the base rate was "not really doing a lot" for the economy at the moment.
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