Bank of England cuts rates by 0.5%

Money News

www.moneynews.co.uk > General finance > Bank of England cuts rates by 0.5%

Topics

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Features

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Companies

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Money News

bullet
bullet
bullet
bullet
bullet

Bank of England cuts rates by 0.5%

The Bank of England has announced that it has cut the base rate of interest by a further 0.5 per cent, to help the economy cope with the global financial downturn.

In a statement, the bank said that consumer spending has weakened and that economic indicators suggest that the contraction in economic activity will continue through the first and second quarters of 2009.

The Bank of England said that the flow of credit to individuals and businesses had been further restricted and the outlook for residential investments had deteriorated.

Its statement added: "The world economy appears to be undergoing an unusually sharp and synchronised downturn.

"Measures of business and consumer confidence have fallen markedly. World trade growth this year is likely to be the weakest for some considerable time."

This latest cut follows reductions made in November and December last year which leave the base rate of interest at 1.5 per cent, the lowest it has ever been.

Click here for more general finance newsADNFCR-323-ID-18963309-ADNFCR

Related News : General finance

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Related News : Mortgages

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Related News : Banking

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Related News : Loans

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet