Skip to: Content
Skip to: Site Navigation
Skip to: Search
SATURDAY, JULY 4, 2009

« Back to the grid | Next story »

Bank of England Cuts Interest Rate

(Newser Summary) – 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

More about:  recession • credit crisis • Gordon Brown • inflation • interest rate cut • Bank of England • Mervyn King

Bank of England Governor Mervyn King arrives at 10...
Bank of England Governor Mervyn King arrives at 10 Downing Street in London.   (Getty Images)
The Bank of England headquarters in London. England's...
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...
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...
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)
« Prev« Prev | Next »Next » Slideshow
0 comments
VIEWING:
 
LEAVE A
COMMENT Comment Policy

 

Related Newser Stories

114 Stories

Fed Sees Recession
Lingering Through '09


Wall Street Journal Wall Street Journal Jan 6, 09 4:09 PM CST
(Newser Summary) - The Federal Reserve anticipates the recession will continue through 2009 despite its recent rate slash and other planned “nontraditional policies,” the Wall Street Journal reports. Minutes of the Fed's December 15-16 meeting, at which it cut rates to nearly zero, indicate a deep pessimism about the economy. Officials expect the unemployment rate to keep rising as the GDP contracts. More »

More about:  recession • Federal Reserve • inflation • economic downturn • interest rate • interest rate cut • deflation • Federal Open Market Committee

 Fed Cuts Rate to 0%-0.25% 

Target is record low as Reserve battles recession

Associated Press Associated Press Dec 16, 08 1:40 PM CST
(AP Summary) - The Federal Reserve today cut its target for a key interest rate to the lowest level on record and pledged to use "all available tools" to combat a severe financial crisis and prolonged recession. The central bank says it reduced the federal funds rate, the interest that banks charge each other, to a range of 0% to 0.25%. More »

More about:  financial crisis • recession • Federal Reserve • credit crisis • Ben Bernanke • interest rate • interest rate cut • Fed funds rate

Pound Craters After Latest
Grim Stats

British currency
falls to $1.56 amid recession fears

Times (UK) Times (UK) Oct 24, 08 5:08 AM CDT
(Newser Summary) - The British economy shrank by 0.5% last quarter, all but confirming that the UK is in its first recession since 1991, reports the Times of London. The decline is greater than expected, and this week both the prime minister and the head of the Bank of England acknowledged that a recession is likely. The news sent the pound falling, dipping to $1.56 for the first time in five years. More »

More about:  financial crisis • recession • Britain • economy • United Kingdom • Gordon Brown • US dollar • pound • Mervyn King

 Fed Joins 5 
 Central Banks 
 in Shock Rate Cut 

US, EU, UK, others offer 50-point reduction to reverse diving markets

Bloomberg Bloomberg Oct 8, 08 7:04 AM CDT
(Newser Summary) - The Federal Reserve and five other central banks cut interest rates by 50 basis points in an emergency attempt to stem the economic effects of the credit crisis, reports Bloomberg. The move brings the American benchmark rate to just 1.5%, while the European Central Bank and the monetary authorities of the UK, Canada, Switzerland, and Sweden all joined in the action. China also cut rates by more than a quarter-point. More »

More about:  Federal Reserve • credit crisis • interest rate cut • Asian markets • European Central Bank • Bank of England • European markets • central bank

 Fed Weighs 
 Emergency 
 Rate Cut 

As economy deteriorates, inflation becomes less of a concern

Wall Street Journal Wall Street Journal Oct 2, 08 9:28 AM CDT
(Newser Summary) - Mounting fears that the credit crisis and continually worsening economic data will push a stagnant US economy into a severe recession has spurred the Federal Reserve to consider cutting interest rates from their current 2%, the Wall Street Journal reports. Even if the House follows the Senate in passing the $700 billion bailout, some action is likely. More »

More about:  financial crisis • recession • bailout • Federal Reserve • Ben Bernanke • inflation • interest rate cut

114 Stories

Today's Most Popular

Loading...

PREMIUM NEWS ARCHIVE

Bank of England, European Central Bank Make Aggressive Cuts in Key Interest... (The Washington Post)

The Bank of England sleepwalks into recession.(Business Report Weekend) (The Sunday Independent (South Africa))

Bank of England offers pounds 5bn of loans to stem crisis; BANK OF ENGLAND.(Business) (The Birmingham Post (England))

Bank of England pumps pounds 5bn into frozen money markets.(Business) (The Journal (Newcastle, England))

King stays on as Bank of England governor.(News) (The Journal (Newcastle, England))

Long live the King.(Mervyn King governor of the Bank of England)(Brief article) (Financial Adviser)

Northern Rock 'could repay Bank of England billions' BANKING.(Business) (The Birmingham Post (England))

New England Banks in Mortgage Relief.(Brief article) (American Banker)

An uphill struggle.(interview of Mervyn King governor of Bank of England)(Brief... (Financial Adviser)

Bank of England points to lower interest rates ahead.(Business Report) (The Star (South Africa))