Bank of England & ECB slash rates
January 17, 2009 · Filed Under Economic News, Interest Rates
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The Bank of England and the European Central Bank (ECB) have slashed rates to respond to faltering global demand as the world economy balances of the edge of the abyss.
The Bank of England cut rates to 1.5% down from 0.50%, the lowest rate in 314 years in an attempt to stop the economy from contracting. The English economy is in a dire position as the economy is set for it’s worst year since 1946 as the economy continues to contract at a record pace.
Meanwhile the ECB cut rates to 2% down from 2.50% as the economy continues to struggle and indicated more cuts could be on the way in an attempt to stimulate economic demand.
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