Bank of England signals more rate cuts as UK economy shrinks; Unemployment rises
Nov 12th, 2008 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
Bank of England Governor Mervyn King said today that the rate-setting Monetary Policy Committee (MPC) is prepared to cut interest rates as low as needed to prevent a recession from fueling deflationary pressures. Meanwhile, the Office for National Statistics (ONS) said today that the unemployment rate was 5.8 per cent in the three months to October, up 0.4 percentage points from the previous quarter. The number of unemployed people increased by 140,000 over the quarter.