Barclays welcomes base rate cut

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Barclays welcomes base rate cut

Fri 6th Feb 2009

Barclays, one of the UK's largest high street banks, has welcomed the decision to cut interest rates further.

In a statement, the bank's stockbrokers said: "This latest rate cut is certainly another step towards stimulating our economy. Improving confidence in the markets and aiding economic recovery is crucial in today's climate."

Henry Potts, an equity strategist at Barclays Stockbrokers, added that the cut "came as no surprise".

Barclays had predicted that the rate would be reduced by a further 0.5 per cent, he said, because of the poor performance of the UK economy in the final quarter of 2008.

Yesterday's decision to cut the base rate was announced following the monthly meeting of the Bank of England's monetary policy committee.

The monetary policy committee, a body established in its current form by Gordon Brown when he was chancellor, includes representatives from the treasury but remains independent of the government.

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