'The solution of yesteryear': Industry says BoE rate cut is 'meaningless'

Move from central bank is ‘surprising’

Lauren Mason
BoE governor Andrew Bailey

BoE governor Andrew Bailey

The “surprising” decision from Bank of England Governor Andrew Bailey to cut UK interest rates to their lowest-ever level of 0.1% has been slated by industry commentators, who have called the move “meaningless”, “the solution of yesteryear” and nothing more than a bid to “be seen doing something” after the European Central Bank (ECB) “rolled out the QE cannons” yesterday (19 March).

Bailey announced the bank would slash UK interest rates by 15 basis points, having already cut rates by 50 basis points one week before from 0.75% to 0.25%. Yesterday's move, which is the latest monetary...

To continue reading this article...

Join Professional Adviser


  • Unlimited access to real-time news, industry insights and market intelligence.
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters.
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection.
  • Tap into our community intellignece through our regular Pro Adviser poll.
 Be the first to hear about our events and awards programmes.



Already a Professional Adviser member?


More on Investment

T. Rowe Price acquires Oak Hill Advisors

T. Rowe Price acquires Oak Hill Advisors

$53bn AUM

Georgie Lee
clock 28 October 2021 • 2 min read
Ten key takeaways from the Autumn Budget 2021

Ten takeaways for advisers from Autumn Budget 2021

OBR forecasts, business rates and spending review

clock 27 October 2021 • 9 min read
The Chancellor does a final run-through of his Budget speech Photo: Flickr/HMTreasury

Autumn Budget 2021: Sunak introduces new fiscal rules as OBR revises growth forecast

Unemployment forecast downgraded

Lauren Mason
clock 27 October 2021 • 2 min read