Bank cuts rates a day early
Oct 8 2008 By Andrew Mernin
The Bank of England dramatically slashed interest rates by 0.5% today along with central banks around the world in response to the global financial turmoil.
The snap decision by the Bank - a day earlier than expected - came as the Treasury announced a £50bn bail-out of the banking system.
The Bank’s half-point cut is the first such move since the aftermath of the 9/11 terror attacks in November 2001.
Prime Minister Gordon Brown told the Commons the Bank of England had cut interest rates by 0.5% as part of a world-wide action to combat economic turmoil.
