Base rate slashed to 3%

The Bank of England has slashed interest rates by 150 basis points as it calls the recent banking cri...

The Bank of England has slashed interest rates by 150 basis points as it calls the recent banking crisis the most serious disruption for almost a century. Base rates in the UK now stand at 3%. A statement said: “Since mid-September, the global banking system has experienced its most serious disruption for almost a century. While the measures taken on bank capital, funding and liquidity in several countries, including our own, have begun to ease the situation, the availability of credit to households and businesses is likely to remain restricted for some time.” The MPC said the deterior...