Massive Interest Rate Cut To 3.0%
Published / Last Updated on 05/11/2008
Massive Interest Rate Cut To 3.0%
The Bank of England Monetary Policy Committee (MPC) has met today and made a huge cut in the cost of borrowing by 1.5% from 4.5% down to 3% as it tries to head off the prospect of a deep recession.
The Bank has not cut rates by more than half a percentage point since 1993 and has not cut interest rates to as low as 3% since the 1950’s.
It may not even stop there as we suspect rates cut fall by as much as a further 1% to just 2% next year.
Let us not forget that the US Fed slashed interest rates in the US to just 1% last month.
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