Lloyds TSB cuts business loans 1.5%

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Monday, 10 November 2008 12:00

Small business customers with Lloyds TSB are to benefit from the Bank of England's 1.5 per cent cut in rates.

The bank announced it had reduced the rate on base rate-linked loans and overdrafts for its commercial customers.

The change came into effect on Thursday, after the Bank of England announced its decision to slash interest rates by 1.5 per cent.

Commercial customers on variable rates would see the cut come into effect tomorrow.

Lloyds TSB said the move was made in a bid to support its business customers as much as possible through the current "challenging times".

John Maltby, managing director of Lloyds TSB Commercial, said: "Our prudent approach to lending in the good times means we're in a strong position to continue lending through this more difficult economic climate."

It said the vast majority of its lending was linked to the Bank of England's base rate and this meant customers benefited immediately from any reductions.

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