Bank of England Drastically Cuts Key Interest Rate By 1.5%
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The Bank of England drastically cut its benchmark interest rate by 1.5% to 3%, the lowest rate since 1955, as policy makers try to limit damage from the worst financial crisis since the great depression.
No economists had predicted such a massive rate cut.
After the cut, the Pound dropped immediately against other major currencies.
The European Central Bank (ECB) followed the BoE's move with a cut of 50 basis points, from 3.75% to 3.25%.
No economists had predicted such a massive rate cut.
After the cut, the Pound dropped immediately against other major currencies.
The European Central Bank (ECB) followed the BoE's move with a cut of 50 basis points, from 3.75% to 3.25%.
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