12/13/2023 0 Comments Tsb cheltenhamJaguar Land Rover chief executive David Smith called for a 'courageous and decisive change in interest rate policy'. There are now calls for interest rates to come down dramatically by the end of the year. The other lenders owned by banks accepting government help, including Halifax and NatWest, are likely to drop their SVRs, but many others may pass on only a part or even none, of the expected base rate cut.Ĭity economists were predicting that the Bank would slash its base rate by at least 0.5% to 4%, but there have been increasing calls for a more dramatic full point reduction as Britain slides into recession. The move follows criticism of the majority of banks and building societies that did not pass on the last 0.5% cut early last month.Ĭheltenham & Gloucester is owned by Lloyds TSB, one of the high street banks receiving taxpayer money as part of the government bail-out and could have expected particularly harsh censure if it did not help out its customers. It is highly unusual for any lender to make such a commitment ahead of changes in the base rate. The move will come into effect on 1 December. This came after the bank, one of Britain's biggest mortgage lenders, had pledged to pass on in full any cut in the Bank of England's bank rate today.Ĭheltenham & Gloucester said: 'We will be updating our standard variable rate (SVR) in line with any reduction made by the Bank of England.' In line: C&G will update SVR following a rates reductionįollowing the bigger than expected 1.5% cut, Lloyds TSB and its mortgage arm C&G confirmed they would pass on the full amount and the new standard variable rate would be 5%.
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