Lender to pass rate cut on to businesses

Small firms in the UK are set to receive some help with their commercial property mortgages, it has been announced.

Lloyds TSB is one of several lenders to announce that it will be passing the Bank of England Monetary Policy Committee's one percentage point reduction on to its small business customers.

The company's managing director of commercial, John Maltby, said it hoped to offer the "best possible ongoing support" to companies.

He said: "Today we are carrying out the pledge made in our new small business charter to pass on in full any base rate reductions until the end of 2009.

"This is exactly the kind of action that small businesses need to help support them through these tough economic times."

Mike Slade, the chief executive of Helical Bar recently told the Times that the difficult financial climate is creating opportunities in the commercial property market.