UK Slashes Interest Rates to All-Time Low of 1.5%

50-point cut less than business groups had hoped for
By Jason Farago,  Newser Staff
Posted Jan 8, 2009 7:10 AM CST

(Newser) – The venerable Bank of England cut interest rates today by 50 basis points, trimming them to 1.5%—their lowest since the bank's founding in the 17th century. Investors had expected the move, although business organizations had pressed for a 100-point cut. Yesterday, Britain's finance minister admitted that the recession was "far from through"—and that earlier predictions of a 1.25% GDP contraction this year were too optimistic.
(Read more interest rate cut stories.)

We use cookies. By Clicking "OK" or any content on this site, you agree to allow cookies to be placed. Read more in our privacy policy.
Get the news faster.
Tap to install our app.