BoE makes 0.5pc rate cut

The rate move - which was not expected until Thursday - sees interest rates being slashed by 0.5pc. The Bank of England has joined forces with the Bank of Canada, the European Central Bank, the US Federal Reserve, Sweden's Riksbank and the Swiss National Bank in a bid to revive the failing economy. The Bank of Japan has also expressed its strong support of these policy actions. In a joint statement the banks said: "Inflationary pressures have started to moderate in a number of countries, partly reflecting a marked decline in energy and other commodity prices. Inflation expectations are ...