Barclays and HSBC silent as lenders cut rates

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 wil...