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Interest rates cut by 1.5 per cent

by Catherine Woods - Thursday, 6th November 2008 -

Interest rates cut by 1.5 per cent

The Monetary Policy Committee has cut interest rates by 150 basis points to 3 per cent.

The central bank was expected to take the chop to rates but not to this extent.

Richard Lambert, CBI Director-General, describes the move as "bold and welcome".

He says: "Business and consumer confidence has been deteriorating sharply in recent months, and recession has replaced inflation as the major threat to the economy over the next year or two.

"This cut of a full percentage point should help to ease conditions in the credit markets, and allow banks to pass the benefits on to their customers."

Charles Stanley chief economist Edward Menashy notes: “There is a growing feeling that the MPC has misjudged the severity of the recession and is therefore behind the curve.”

Picture source

 

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No one can fail to notice the toll the recession is taking on companies and the economy. Every day big names are falling by the wayside, unable to remain profitable and undoubtedly the pressure on SMEs is immense.

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Lloyds TSB provides relief to SMEs

By Catherine Woods - January 08, 2009 3:02pm GMT

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Brochures on Saving and investing

BUSINESS COMMENT >>

Valentine’s Day PR puff is starting already

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The future's not so bright

By Rebecca Burn-Callander - January 05, 2009 4:22pm GMT

The only thing going up in 2009, aside from unemployment, will be sales of antidepressants, says Professor Marvin Zonis

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It comes as no surprise to me that today is considered the most stressful day of the year. I wonder if David Cameron feels the same after his big saving announcement?

Business Comment 

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