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U.K. Prime Minister Gordon Brown Raises Scope for Another Coordinated Rate Cut
Monday, 27 October 2008 06:02:58 GMT
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U.K. Prime Minister Brown has hinted at further coordinated rate cuts, according to a number of UK reports. Brown told the BBC that "Now that inflation is coming down, it gives scope to monetary authorities, including the Bank of England, round the world to make a decision about interest rates. Over the world, you will see people responding to this lower inflation." The comments come in the wake of speculation that the BOE is under increasing pressure to make an emergency rate cut, and after the comments out of Japan today that a G7 statement on currencies will be released. Meanwhile, Pound (GBPUSD) bounces back to 1.5710 from intraday low 1.5603.
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