Bank of England Reduces Bank Rate by 0.5 Percentage Points to 4.5%

8 October 2008

The Bank of England’s Monetary Policy Committee today voted at a special meeting to reduce the official Bank Rate paid on commercial bank reserves to 4.5%.

The Monetary Policy Committee held a special meeting on Wednesday 8 October, some hours in advance of its normal schedule. After that meeting the Bank of Canada, the Bank of England, the European Central Bank, the Federal Reserve, Sveriges Riksbank, and the Swiss National Bank announced reductions in policy interest rates

TBPL View:

We will see in the coming weeks if the interest rate cut is passed on to prospective borrowers through discounbted mortgage products. Only time will tell!

Source: Bank of England Website
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