BARCLAYS, MIDLAND FOLLOW NATWEST BASE RATE CUT
Barclays Bank Plc <BCS.L> and Midland
Bank Plc <MDBL.L> said they are cutting their base lending
rates to 10.5 pct from 11 pct. The cuts follow a similar move
by National Westminster Bank Plc <NWBL.L>
    The rate changes take effect tomorrow.
    The base rate reductions came after the Bank of England cut
its dealing rates this morning in a signal to the money markets
that it would not resist a half percentage point drop in bank
base lending rates, market sources said.
    Until the end of last week, the central was holding out
staunchly against market pressures for lower rates in an
apparent effort to preserve the expected rate cuts for around
the time of the government's annual Budget on March 17.
    Sterling remained firm around 1.59 dlrs compared with its
close here on Friday at 1.5865 dlrs.
 Reuter
