Bank lowers interest rates to 5% | |
Updated 10 04 08
UK interest rates have been cut to 5% from 5.25% by the Bank of England in an attempt to spur the economy in the face of the global credit crunch.
It is the central bank's third cut in interest rates since early December.
The Bank said that disruption in financial markets and tighter credit conditions could lead to a slowdown in the wider economy. The largest mortgage lenders say they will pass on the cut to their mortgage customers who pay variable rates. Decision welcomed Business groups welcomed the decision and called for further cuts to shore up growth. "It is vitally important to ensure that problems in the financial sector and in the housing market do not damage wealth-creating businesses," said David Kern, economic adviser to the British Chambers of Commerce. | |
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