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Eight lenders to pass on full rate cut

Eight of the UK’s largest lenders are passing on last week’s Bank of England base rate cut of 1% to existing customers on tracker mortgage deals.

Woolwich, HBOS, Lloyds TSB, Abbey, Northern Rock, HSBC, Nationwide and Britannia are passing on the full cut to tracker borrowers.

Woolwich is making a cut of 1.15% as it did not respond to November’s base rate reduction, while HSBC and Lloyds TSB have also cut their SVRs by the full 1%.

Nationwide will reduce its SVR by 0.69% to 4% on January 1 and HBOS has cut its SVR by 0.25% to 4.75%, having passed on all other recent rate cuts.

The other lenders say their SVRs are under review.

The Royal Bank of Scotland is re-evaluating its tracker base rate but has passed on the reduction to small businesses.

Following the base rate announcement, Alliance & Leicester withdrew its tracker range.


3-month LIBOR falls to 3.37%

In the wake of the 1% base rate fall yesterday, 3-month LIBOR has fallen today by 0.34% to 3.37%.

Financial claims can end in tears

The problem with get-rich-quick schemes is that they rarely fulfill their promises. The idea that you can make oodles of dosh without lifting a finger has obvious appeal but obvious flaws too. If something seems too good to be true, it probably is.

AMI calls for MPPI to be ripped out of CC inquiry

The Association of Mortgage Intermediaries has renewed its calls for the Competition Commission to remove mortgage payment protection insurance from its investigation.

Sub-Saharan Africa Near-Term Outlook

By Paul Caruana-Galizia, Neptune Economist

Sub-Saharan Africa’s economic renaissance continues. After growing at an average rate of five per cent over the past decade, the IMF projects an acceleration to 5.5 per cent growth among Sub-Saharan economies in the next two years, as developed economies emerge from the crisis. We expect this growth to be sustainable for three broad reasons.


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