bank of england slashes rates, page-2

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    06/11/08
    23:07
    Post #: 4474467
    Bank of England Cuts Key Rate by 1.5 Percentage Points to 3%

    By Jennifer Ryan

    Nov. 6 (Bloomberg) -- The Bank of England unexpectedly cut the benchmark interest rate by 1.5 percentage points as policy makers tried to contain the damage caused by a recession.

    The nine-member Monetary Policy Committee, led by Governor Mervyn King, slashed the bank rate to 3 percent. The move was predicted by none of the 60 economists in a Bloomberg News survey.

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