Base rate cut to 2% | will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by will always be from Be Scamsmart.

ARCHIVED ARTICLE This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Tim Leonard

Tim Leonard

Finance Expert
Published: 04/12/2008
white and grey abstract pattern

The Bank of England has slashed interest rates by a full percentage point to 2%, taking them to their lowest level since 1951.

The move follows last month's shock 1.5% cut and means base rate has plunged 3% in the last three months.

It now remains to be seen which mortgage lenders decide to pass the reduction on to their customers.

Lloyds TSB, which also lends under the Cheltenham & Gloucester brand, promised to pass on any cut in full to its standard variable mortgage rate before the announcement had been made.

Halifax has also said that its existing tracker mortgage customers will benefit from the full 1% reduction, overriding a clause in its mortgage arrangements saying it doesn't have to continue cutting its rates once base rate falls below 3%.


Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

white and grey abstract pattern

Cookies will, like most other websites, place cookies onto your device. This includes tracking cookies.

I accept. Read our Cookie Policy