Bank of England (BOE) Slashes Interest Rates Down To 2%
Today, unexpectedly the Bank of England slashed interest rates down to 2%. This is the 1% drop after the recent drop of 1.5% amidst fears of recession. The interest rates are now down to 57 YEAR LOW. United Kingdom (UK) which was in no sign of recession had officially announced that they were in recession and the confidence in the Pound Sterling (£) has completely collapsed. The following chart shows the trends in interest rates over the past few years.
The interest rate cut has also served in weakening the Pound and the chart shows the intra day trading value of the Pound Sterling (£).
Original post by Omar