Oh Time, will you ever cease to beguile me?

from ft alphaville:

UK interest rates cut to 315-year low

The Bank of England on Thursday urged the Treasury to hasten plans to ease the flow of credit to companies, as it cut official interest rates to a 315-year low of 1.5%. Warning of “an unusually sharp and synchronised downturn” in the global economy, the Bank said it needed to cut interest rates by a further 0.5 percentage points to prevent inflation falling too far for too long. But it stressed that further steps were needed to increase the flow of lending. The government is trying to gather international support for a package to restore funding for bank lending and ease pressures in capital markets.

This entry was posted by Gwen Robinson on Friday, January 9th, 2009 at 5:52 and is filed under Capital markets. Tagged with bank of england.