Abbey reacts to latest cut
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Money News |
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Abbey reacts to latest cut
Fri 6th Mar 2009
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Barry Naisbitt, chief economist at the financial institution, said that there would have been few people last year who would have envisaged a drop in the bank rate to 0.5 per cent.
However, he argued that the minutes from February's meeting - when the rate was dropped to what was an all-time low of one per cent - suggested that further cuts were possible.
Now, the bank has not only brought the rate down but has also begun quantitative easing - through which it will inject more money into the economy to help stimulate activity.
"The past few months have clearly seen a series of extraordinary measures, which reflect the rapidly deteriorating economic and financial situation in the UK and globally," said Mr Naisbitt.
Click here for more banking news
Related News : Banking |
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Related News : Santander |
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