Yup. But about 8 years ago they decided to introduce their "BMR" at a rate of about base rate +0.75% and a guarantee that it would never go above base rate +2%, with no discounts. The idea being to set a long term good value rate instead of a high SVR and short term discounts. But it didn't work, people preferred the banks offering high SVRs and short term discounts.
But the majority don't.