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Bank of England drops UK interest rates by 1% to 2% lowest since 1951
The Bank of England has cut the base rate by one percentage point, from 3% to 2% – the lowest level since 1951.
A big drop was expected given the credit crunch. This is the second successive big monthly drop. Until now the Bank of England had favoured a more cautious approach with 25 basis point movements being the norm.
All eyes will be on whether the drop is passed on to consumers by the banks and the spread between LIBOR and the base rate.
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