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July 25, 2008 10:17:29 PM CDT

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Bank of England Cuts Interest Rate

Posted Apr 10, 08 7:35 AM CDT in World,  Business 

(Newser) – The Bank of England today cut its benchmark interest rate 25 basis points to 5%, reports Bloomberg, hoping to keep the nation’s economy out of recession. Despite the third cut since December, BoE’s rate remains the highest among the Group of Seven industrialized nations; policymakers have drawn fire for being “behind the curve” in responding to the credit crisis.

Source Bloomberg

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Bank of England Governor Mervyn King arrives at 10 Downing Street in London.   (Getty Images)
The Bank of England headquarters in London. England's central bank lowered its rates as a result of signs that the economy is slowing.   (Getty Images)
The Bank of England headquarters in London. England's central bank lowered its rates as a result of signs that the economy is slowing.   (Getty Images)
The Bank of England headquarters in London. England's central bank lowered its rates as a result of signs that the economy is slowing.   (Getty Images)
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recession  • credit crisis  • Gordon Brown  • inflation  • interest rate cut  • Bank of England  • Mervyn King


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