BoE Cuts But Pound Rallies
February 5, 2009 by admin · Leave a Comment
As expected the BoE cut the overnight lending rate by 50 basis points to 1.00% – the lowest UK rate in the 300 year history of the central bank. BoE cited the risk of a substantial undershoot in the country’s inflation rate and noted that the series of rate cuts will eventually have a significant impact on the UK economy.
