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Interest rates in UK and EU - February 2009
The Bank of England (BoE) cut official interest rates yet again on February 5th, from 1.5% to 1%, a new historic low. The decision to reduce rates for the fifth consecutive month came as little surprise as BoE thinks that the overall effect of rate cuts on the economy is positive, because they benefit firms as well as indebted households.
On the contrary the European Central Bank (ECB) left its key lending rate unchanged at 2%. ECB had made it relatively clear to the markets after the January meeting that the February meeting held little prospect for another rate cut and the next "important meeting" will be in March.
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