Further Interest Rate Cut
Thursday, January 8, 2009 9:13
Today, the Bank of England ordered another half-point cut in interest rates, as it kept up its aggressive campaign to breathe life into the stalled economy. The move amid soaring fears over Britain’s rapidly worsening prospects following a deluge of dire economic news and a mounting toll of job losses, brings the interest rate down to all-time low of 1.5%, which is lowest in 314 years.
However, for the struggling businesses and fearful workers and consumers, who were hoping for a more radical cut by another full percentage point or more, this move will be disappointing. Warnings have been given in the recent days that the economy will suffer its worst year since 1946 and shrink by more than 2.5% over 2009.
This year is going to difficult.
Related posts:
- Playing around the interest rate at this challenge time
In 30 years, mortgage broking, I should take a... - Interest Rate Falls Cost £1.49bn a Year
The Banik of England base rate has fallen by 4%... - World Leaders Agree Tax and Interest Rate Cuts on G20
As the conditions in the world economy and financial markets... - Extended Period of Low Interest Rate
US Federal Reserve kept the interest rates at a level... - UK Interest Rate Record low at 0.5%
The Bank of England has kept UK interest rates on...
