Wednesday, October 08, 2008
Central banks cut interest rates
Seven central banks - including the Bank of England - have cut their interest rates by 50 basis points.
The UK rate move - which had not been expected until Thursday - puts interest rates at 4.5% from 5%.
The US Federal Reserve has cut rates from 2% to 1.5% and the European Central Bank trimmed its rate from 4.25% to 3.75%.
The central banks of Canada, China, Sweden and Switzerland all took similar action in the co-ordinated move.
The unprecedented step is aimed at steadying a faltering global economy and slumping stock markets.
The Fed said that it had acted "in light of evidence pointing to a weakening of economic activity and a reduction in inflationary pressures".
DATED: 08.10.08
FEED: BoE
The UK rate move - which had not been expected until Thursday - puts interest rates at 4.5% from 5%.
The US Federal Reserve has cut rates from 2% to 1.5% and the European Central Bank trimmed its rate from 4.25% to 3.75%.
The central banks of Canada, China, Sweden and Switzerland all took similar action in the co-ordinated move.
The unprecedented step is aimed at steadying a faltering global economy and slumping stock markets.
The Fed said that it had acted "in light of evidence pointing to a weakening of economic activity and a reduction in inflationary pressures".
DATED: 08.10.08
FEED: BoE
