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05/12/2008
Interest rates cut to 2% |
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The Bank of England's monetary policy committee (MPC) has voted to cut interest rates by a further one percentage point.
December's rate cut comes hot on the heels of the MPC announcing a surprise 1.5 percentage points reduction in November.
Consequently, the decision sees interest rates set at the lowest point for 57 years.
The MPC noted that it was "unlikely" that a normal volume of lending would be restored without further measures and it voted for another reduction of the benchmark rate to help prevent a prolonged recession
Last week, Mervyn King said: "We will take whatever action is required to steer the economy back into calmer waters."
Alistair Darling welcomed the decision, suggesting that it will help businesses and residential homeowners, particularly those who are on tracker mortgages.
"I am confident that the slowdown will be shallower and shorter and that growth will resume again," he added. |
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