Borrowing rates reduced to just 1% in the UK

Posted by admin on 5 February, 2009 under Business news | 2 Comments to Read

The Bank of England have slashed another third off the interest rates in the UK!

Interest rates were cut in January to an all time low of just 1.5%, but this record has just been beaten with the rate being cut today to just 1%.

Problems in the economy with retailers struggling and with an ailing housing market have pushed the Bank of England to take further action on interest rate. There were discussions that the rates could be cut even more than this with business leaders expecting a lower than 1% rate like in America, but this did not happen and we wait to see what might happen in March 2009.