Wednesday, October 8, 2008
The MPC said that cuts in interest rates alone “could not be expected to resolve the current problem
The Bank of England joined other world central banks today in a coordinated cut in interest rates designed to ward off the threat of global recession. The Bank, the US Federal Reserve and the European Central Bank all lopped half a point off their key interest rates in the first unscheduled rate moves since the aftermath of 9/11. Sweden, Canada and Switzerland made similar cuts. Australia reduced rates by a whole percentage point earlier this week.