UK and Euro interest rates are cut
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- Published:Wednesday, October 8th, 2008
The Bank of England, the European Central Bank and the US Federal Reserve have all cut interest rates by 0.5% in an unexpected and coordinated move.
The Bank of England was not expected to make it’s decision until Thursday, while the ECB had decided to keep rates on hold last week.
The decion means that UK interest rates are now at 4.5% from 5%. The Eurozone has seen it’s interest rate fall from 4.25% to 3.75% and the US Fed’s rate is now 1.5%.
In the UK, some mortgage lenders have already passed on the rate saving to their customers.
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