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UK’s Brown hints at further joint rate cuts: report
Posted By admin On October 27, 2008 @ 4:50 am In Money Watch | Comments Disabled
Monday, Oct 27, 2008
British Prime Minister Gordon Brown has hinted at the possibility that lower inflation thanks to falling oil prices could prompt central banks around the world to make more joint interest rate cuts, the BBC reported.
“Now inflation is actually coming down over the next few months and that will mean that it gives scope to all the monetary authorities, including the Bank of England, round the world to make a decision about interest rates,” it quoted Brown as saying on a weekend trip to Scotland.
The Bank of England base rate now stands at 4.5 percent. It cut it by half a point on October 8, together with the central banks of the United States, the euro zone, Switzerland, Canada and Sweden, in an attempt to combat an economic downturn. China made a smaller cut as part of the same coordinated drive.
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