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Bank of England cut official interest rate to record low at 1.5%
As expected, the trend of reducing interest rates continues around the world in 2009.
First is the Bank Of England (BoE) which slashed interest rates by 50 basis points to 1.5 percent. It is the lowest level in the bank's 300 year history. Will we see BoE go to the same level as it's US counterpart?
The European Central Bank (ECB) is expected to cut rates by 50 basis points to 2 per cent this week. A bigger-than-expected rate cut should not be excluded as Eurozone economy is not in the better shape either.
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