- Interest Rates 1-12
The Bank of England, are among six central banks to have cut interest rates by half a percentage point in a co-ordinated effort to steady the faltering global economy. No decision on UK rates had been expected until Thursday 9th October 2008.
The move puts the interest rate at 4.5% from 5%.
The US Federal Reserve has cut rates from 2% to 1.5%.
The European Central Bank (ECB) cut its rate from 4.25% to 3.75%.
The central banks of Canada and Sweden and Switzerland all took similar action in the co-ordinated move.
The unprecedented step initially had a positive effect on world stock markets but later they fell back.
China also cut its rate, but by 0.27 percentage points.
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