Bank of England slashes rates 1% to historic low
The Bank of England today slashed interest rates by a further 1%, bringing the interest rate to a historic low. The interest rate cuts in recent months have been among the fastest in Britain's history.
The Bank of England today ordered a further, drastic one percentage point cut in interest rates to 2 per cent, a historic low not seen since November 1951.
The radical action by the Bank’s rate-setting Monetary Policy Committee (MPC) followed hard on the heels of last month’s surprise 1.5 percentage point rate cut that reduced rates to a 54-year low of 3 per cent.
The latest move came as the nine-member MPC stepped up its newly aggressive campaign to stave off the threat of a severe and prolonged recession.
Clearly, simply, and starkly, the Chancellor presented the most up-to-date picture of the country's economic plight
After facing a barrage of attacks accusing it of previously moving too slowly to stem the slump in the economy, the Bank has, over the past month, decisively switched tactics in response to a swift and severe worsening in the economic outlook.