Wednesday, October 08, 2008
Co-ordinated rate cuts - Bank cuts by half a point
Posted by David Smith at 12:10 PM
Category: Thoughts and responses

More drama. The Bank of England's monetary policy committee (MPC) has cut rates by half a point from 5% to 4.5%. The Fed - down to 1.5% - European Central Bank, Bank of Canada and the Swiss and Swedish central banks have also cut by half a point.

Here is the Bank of England's statement. This was a good move and the expectation must be that rates have a lot further to fall.