Lenders heed calls for rate cuts
http://news.bbc.co.uk/1/hi/business/7716086.stm
The main mortgage lenders have started to respond to the government's demand that they should cut their mortgage lending rates.
The Nationwide, HBOS, the RBS/NatWest group and nationalised Northern Rock will cut their main variable lending rates by the full 1.5% on 1 December.
Lloyds TSB and the Abbey announced similar steps on Thursday.
Prime Minister Gordon Brown had urged lenders to pass on the Bank of England's 1.5% cut in its Bank Rate.
The Bank of England's official rate was cut from 4.5% to 3% on Thursday.
The Libor rate at which banks lend to each other has also fallen since the cut.
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