BOE Cuts Interest Rates To Lowest In 300 Years
The Bank of England has cut interest rates by one percentage point to 2%.
The cut was widely anticipated by analysts.
UK interest rates are now at their lowest level since the BOE was founded in 1694 (they were also briefly at 2% in 1951).
The pound jumped immediately following the decision, suggesting that some participants had been expecting a cut of even more. Having touched an intra-day and 6 year low of $1.4470 in earlier trade, at 12.05pm GMT the pound was at $1.4626.
The ECB is expected to follow suit with a half percent rate cut shortly after 12.30GMT.
The cut was widely anticipated by analysts.
UK interest rates are now at their lowest level since the BOE was founded in 1694 (they were also briefly at 2% in 1951).
The pound jumped immediately following the decision, suggesting that some participants had been expecting a cut of even more. Having touched an intra-day and 6 year low of $1.4470 in earlier trade, at 12.05pm GMT the pound was at $1.4626.
The ECB is expected to follow suit with a half percent rate cut shortly after 12.30GMT.