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Interest rates cut 0.5 per cent
In a surprise co-ordinated move six central banks have cut interest rates, with the Fed, Bank of England, European Central Bank, Canada, Sweden and Switzerland all reducing their rates by half a per cent.
Only this morning Alistair Darling was saying that he couldn't comment on interest rates as they were set independently by the Bank of England, although this must be seen as a politically influenced move.
While visiting a factory yesterday and delevering a speech George Bush had signalled that co-ordinated international action would be taken. Presumably plans will develop further when the G7 join him in Washington this weekend to discuss the way forward on dealing with the banking crisis.
This means UK interest rates go from 5% to 4.5%, US from 2% to 1.5% and European from 4.25% to 3.75%.
- Halifax cuts rates by full 0.5 per cent
- BSA welcomes Government's financial support package
- Landsbanki, Icesave and Heritable, an official statement
- Nationwide pleased Building Societies are included in the rescue scheme
- APCIMS welcomes Chancellor's boost to market confidence
- HSBC welcomes UK government's announcement
- CML welcomes rescue package
- Supported banks have committed to mortgage lending
- The rescue package in full
- Darling stands by Icesave depositors