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

Move from central bank is ‘surprising’

Lauren Mason
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BoE governor Andrew Bailey
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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...

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