TESCO Bank has thrown down the gauntlet to the established High Street names by pledging to use the Bank of England's Funding for Lending (FFL) scheme to advance £1 billion of loans to customers and cut key rates.
All of the UK's big banks, excluding HSBC, plus a number of smaller institutions have signed up to the FFL scheme, which is designed to stimulate the economy by making cheaper loans available to firms and individuals.
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