Lloyds to cut rates for borrowers

AOL Money Staff
Lloyds Banking Group
Lloyds Banking Group

Paul Faith/PA Archive/Press Association Images

Taxpayer-backed Lloyds Banking Group has pledged to slash rates for borrowers after drawing down another £2 billion from the Bank of England's lending scheme.

The bank said it had now withdrawn £3 billion from the Funding for Lending (FLS) scheme, which was launched in August by the Bank and Treasury to help ease the flow of credit to businesses and consumers.