BoE set to follow global interest rate cuts

Market commentators widely expect the UK's central bank to cut rates by as much as 1% later today, to soften the blow of recession. New Zealand was one of several countries in the Asia-Pacific region to cut rates, down 1.5% to 5%, while Indonesia made its first interest rate cut for more than a year. Closer to home, Sweden made an emergency interest rate cut, slashing a record 1.75% from its base rate. The European Central Bank is also expected to make cuts later today, with some suggesting Euro interest rates could fall as low as 2.5%. Bank of England policymakers will announce the...