Bank must make 1% rate cut - Argonaut

He says it is vital the Bank of England and the US Federal Reserve make major cuts to interest rates to help prevent a recession. Russ has called on the Bank and the Fed to cut rates by 0.5% tomorrow, with a further cut of at least 0.25% in January or the crisis will worsen in the UK and could prompt a recession in the US. He says the US would be ‘very lucky’ to avoid recession, and says the knock-on effect would be very damaging to sectors such as materials and resources. He points out the UK is in a far worse condition to cope with the credit crisis compared with Continental Europe, as...