The Bank of England (BoE) has once again voted to cut the base rate of interest in the UK.
By lowering the rate by 0.5 percentage points – to 0.5 per cent - the central bank has now set the rate of interest at the lowest level it has even been.
Furthermore, the BoE has also announced a £75 billion asset purchasing programme which will be financed by the issuance of central bank reserves.
Addressing the decision in a statement, the bank described how world economic activity is continuing to weaken, while gross domestic output from the UK is also declining.
In light of the country's financial situation, "the committee concluded that a further easing in the stance of monetary policy was warranted", the report states.
The last time BoE decided to decrease the interest rate in the UK was February when it dropped to one per cent.
At the time, this was the lowest it had ever been.
Looking for a cheap loan? Fill in our short quote form and compare loans from a panel of lenders. |
0 comments
