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Lloyds still reviewing whether to pass on BoE rate cut to variable rate customers

Mon, 8th Aug 2016 09:38


LONDON, Aug 8 (Reuters) - Lloyds Banking Group said on Monday it is still reviewing whether it will pass on a 25 basis point cut in the Bank of England base rate to its standard variable mortgage customers.

Britain's largest mortgage lender is the last major high street bank holding out against the Bank of England's call to pass on last week's interest rate cut to borrowers.

"The Bank of England base rate is only one of a number of factors that we take into account when reviewing interest rates," Lloyds said in a statement, four days after the UK central bank halved the key borrowing rate to a record low of 0.25 percent in a bid to shore up the economy.

Bank of England Governor Mark Carney told banks last week they had no excuse for not passing on the cut. (Reporting By Andrew MacAskill; editing by Simon Jessop)



(c) Copyright Thomson Reuters 2016. Click For Restrictions - http://about.reuters.com/fulllegal.asp





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