ECB & UK Central Banks cut rates again
December 5, 2008 · Filed Under Economic News, Interest Rates
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European Central Banks slashed rates overnight as the European Central Bank (ECB) cut rates by 0.75% to 2.5% while the UK Central Bank lowered rates by 1% to 2%.
The cut by the ECB was the biggest in the near 10 year history of the ECB, the cuts have now amounted to 1.75% in the last two months.
The UK Central Bank’s rate of 2% is the lowest since they were foundered in 1694 and reflects the pain being experienced in the UK.
Both the ECB and UK Central Bank have indicated further cuts are likely in coming months.
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