Lloyds TSB announced today that it would be passing on today's unexpected cut in interest rates to mortgage customers in full. The group, which also lends under the Cheltenham & Gloucester brand, said it would be reducing its standard variable rate by 0.5 per cent to 6.5 per cent from 1 November. Existing customers with tracker rate mortgages will also automatically benefit from the change, while the cost of tracker deals for new customers is currently under review. Lloyds TSB pledges that its standard variable rate will never be more than 2 per cent above the Bank of England base rate, leaving it little option but to cut it. But other banks appeared to have been caught by surprise by the Monetary Policy Committee's decision to announce the outcome of its rate-setting meeting today rather than tomorrow. All of the UK's other...
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