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Interest rates in UK and EU - March 2009
Bank of England
At its policy-setting meeting yesterday, the Bank of England cut its key interest rate by 50 basis points to 0.5 per cent. Bank of England also became the first European central bank to implement quantitative easing policy, as it announced it would buy up to £75 billion ($166 billion)mostly in gilts over the next three months.
In a statement accompanying the decision, the Bank of England said that the gloomy outlook for consumer spending and business investment made radical action necessary to prevent inflation dropping sharply below its 2 per cent target medium term.
European Central Bank
ECB, the central bank for the 16-country Eurozone, cut its official interest rate by 50 basis points to 1.5 per cent - the lowest level in its 10-year history. Bank also extended the provision of unlimited liquidity for banks to beyond the end of 2009.
European Central Bank wasn't ruling out a further cut in interest rates, or other ways to increase money supply through unconventional means.
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