LIBOR falls to 3.37%

3-month LIBOR has fallen today by 0.34% to 3.37% following yesterday\'s 1% interest rate cut

The rate was announced by the British Bankers’ Association at 12pm today.

It needed to come down for there to be any chance of lenders reducing the rates on new products.

In the wake of the 1.5% base rate cut last month 3-month LIBOR fell by 1% to 4.49%, but this meant that LIBOR was still 1.5% over the base rate.

With it now 1.37% over base the industry will now be hoping that 3-month LIBOR sees further falls over the next wee