European Central Bank may cut benchmark rate by 0.75%; Bank of England may opt to cut by 1% to reduce rates to 1694 level
Dec 4th, 2008 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
The European Central Bank Governing Council will meet in Brussels on Thursday and it may cut its benchmark rate as much as 0.75% to 2.5%, given the growing evidence of a deep slump in the Eurozone. The Bank of England may cut its benchmark rate by 1% to 2% - - the lowest level since 1951. Interest rates have never fallen below 2% since the Bank of England was created in 1694.