Central banks cut interest rates in unprecedented move

Just a day ahead of the scheduled Monetary Policy Committee meeting, the Bank of England followed other global central banks by slashing the base interest rate by 0.5% in an unprecedented move. The interest rate in the UK has dropped from 5%, where is has stood since April, to 4.5%. Many lenders also reduced their borrowing interest rates right away upon hearing the news. Other global central banks have also shaved half a percentage point from their base rates, including Sweden, Switzerland, Canada, the United States, and Europe. Read more

Tags: committee, slide, financial markets, Monetary Policy Committee, US Federal Reserve, policy, interest rates, potential slide