Surprise move - BoE cuts rates by 0.5%
08th October 2008
BoE cuts rates by 0.5%
In a shock move the Bank of England has cut Bank base rate to 4.5% from 5%.
A decision on rates was not expected until noon tomorrow.
The Bank of England held an emergency meeting this morning to discuss the global financial situation.
The move is part of a co-ordinated cut by other banks including the Bank of Canada, the European Central Bank, the US Federal Reserve, Sveriges Riksbank and the Swiss National Bank.