HSBC personal loan consumers in the UK should be waking up a bit happier today since, together with other banks such as Lloyds TSB, HSBC appears to be passing on the base interest rate cut to both consumers and business customers.
Conversely Halifax, which is part of HBOS, is kicking up a bit of a storm as it argues to the market and government why it is currently planning on a much smaller percentage interest rate benefit to personal loan borrowers.
RBS appears to have taken have taken the middle ground and only passed on the full interest rate benefit to its business customers. Positions are starting to become polarised as politics confronts capitalism. Although the battle will be interesting to watch, many consumers today will not be waking up as happy as those HSBC personal loan customers. The battle continues between UK government and UK banks with similar battles raging in other countries around the world.
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