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Bankers bow to pressure and cut lending rates
Mon 10th Nov 2008
Nationwide, HBOS, RBS/Natwest and Northern Rock have all announced that they will pass on the full benefits of the government's historic 1.5 per cent interest rate cut to borrowers - a move that make it easier for clients to obtain mortgages.
According to the Times, bank bosses were summoned to a breakfast meeting with the chancellor on Friday and as they ate their bacon rolls, were berated for their failure to move quickly in following the Bank of England's interest rate cut.
Gordon Brown welcomed the bank's decisions, which could make it easier for house buyers to obtain mortgages.
The prime minister said: "I welcome the fact that a number of British banks have now decided to pass on the interest rate cut to customers, to families and to businesses."
These latest announcements follow the news that Abbey and Lloyds TSB were cutting their interest rates on Thursday.
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