Bank of England and ECB cut interest rates by 0.5%

The Bank of England's Monetary Policy Committee has cut its interest rate again this morning by 50bp to 4%, representing a much sharper slice than analysts had anticipated and taking UK rates to its lowest level since 1963. This is the seventh cut the Bank has ordered this year in the hope it will help to protect the British economy from the global slowdown and avoid a recession. The cut was more aggressive than had been expected, and is expected to be welcomed by the manufacturing sector and unions, which is suffering most from the slowdown in UK and global sales and with it growing...