Bank of England Cuts Interest Rate

Bank votes quarter-point cut to 5% as downward pressure mounts
By Jim O'Neill,  Newser User
Posted Apr 10, 2008 7:35 AM CDT
Bank of England Governor Mervyn King arrives at 10 Downing Street in London.   (Getty Images)
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(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.