Thursday, January 8, 2009

Bank of England Cuts to Lowest Rate Since 1694 Inception

Bloomberg reports:

The Bank of England cut the benchmark interest rate to the lowest since the central bank was founded in 1694 as policy makers tried to prevent the credit squeeze from deepening Britain’s recession.

The Monetary Policy Committee, led by Governor Mervyn King, trimmed the bank rate by a half point to 1.5 percent. The result matched the median forecast of 60 economists in a Bloomberg News survey. The pound rose against the euro and the dollar.

1 comment:

  1. Bank, founded by the King to finance his war, is helpless like all other central banks. The biggest sale of money in the world has just begun. Like cheap money was able to save anything. Look at the Zimbabwe...