Bank Cuts Base Interest Rate To Historic Low

The Bank of England has taken radical action to prevent the UK from falling into recession, cutting interest rates to 0.25% - the lowest level in the institution’s 322 year history - and pumping billions of pounds of newly-created money into the economy. The Bank cut its forecasts for the growth of the UK economy by the biggest single amount since it starting producing regular forecasts in 1993, slashing its GDP projection next year from 2.2% to 0.8% and predicting a rise in unemployment f