Barclays and HSBC are under increasing pressure to pass on yesterday's historic base rate cut to their lenders after every other major lender did so on Friday.
The Royal Bank of Scotland (RBS), HBOS and Nationwide Building Society have this afternoon joined Lloyds TSB, Abbey and Bradford & Bingley (B&B) in cutting their variable rates by 1.5%.
As of shortly before 4pm, neither Barclays or HSBC had made a similar move.
Earlier today, the Prime Minister said it was vital banks pass on the rate cut to help borrowers and combat the threat of recession.
It followed talks between Alistair Darling and a number of senior bank chiefs who were all told to cut their interest rates.
However, the Chancellor defended state-owned Northern Rock, saying it will not pass on the saving as it seeks to repay its taxpayer loans.
If you would like to comment on this story, contact:
Tel: 020 7484 9805
e-mail: [email protected]
Head of UK intermediary distribution
‘Promising lead’ or ‘Back to the lab’?
PA360 2019 revisited
Complaints triple in past year
Our weekly heads-up for advisers