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Bank of England Votes 9-0 For 100bp Rate Cut
Wednesday, 17 December 2008 08:40:17 GMT
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The Bank of England Minutes from the December 4th policy meeting showed that the MPC voted unanimously to lower the benchmark interest rate by 100bp to 2.00% from 3.00%, the lowest level since 1951. However, the central bank noted that the policymakers considered lowering borrowing costs even further, but refrained to avoid excessive currency fall and undermining general economic confidence. In addition, the pound dropped to a record low against the euro after data showed unemployment rose in November at the fastest pace since 1991. King has signaled that the bank will cut the interest rate further if needed.
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