Bank of England cuts interest rate by 1.5% to 54-year low

Bank of England cuts interest rate by 1.5% to 54-year low

business.timesonline.co.uk

The drastic step, which reduced borrowing costs to a level not seen since May 1954, came as fears of a prolonged slump in Britain have multiplied after a deluge of dire economic data. At the same time, the European Central Bank cut borrowing costs by half a point to 3.25 per cent.

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Whilst we would all welcome interest rate cuts is this a last ditch attempt at stimulating a stagnant economy. If this does not work what are they going to do next. The money grabbers have caused the current financial situation and now it has backfired on them big time so they are now scabling around to save their butts.

The banks aren't doing it for the good of the people thats for sure and if this measure dose work it wont be long before its raised again will it.

business.timesonline.co.uk
(visit the link for the full news article)