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UK: Carney announces UK interest rates cut for first time in 9 years02:35

UK: Carney announces UK interest rates cut for first time in 9 years

United Kingdom, London
August 4, 2016 at 14:28 GMT +00:00 · Published

Bank of England Governor, Mark Carney announced a “timely, coherent and comprehensive” four-point package designed to boost the British economy following fallout from the June Brexit vote, during an announcement in London, on Thursday. Carney confirmed that interest rates would be been cut for the first time since 2009 to 0.25 percent.

The governor made assurances that the lower interest rates would be “felt immediately” by “households and firms,” the two groups most feared to be suffering in the wake economic uncertainty which followed the referendum result. He stressed that the Monetary Policy Committee (MPC) was “determined that the stimulus the economy needs does not get diluted as it passes through the financial system.”

In addition to the new interest rate set by the MPC, the UK central bank published minutes detailing the nine-panel member’s discussions, not normally published until weeks after the announcement, as well as its latest economic forecasts which foresaw virtually no economic growth in the second half of the year and slashed the outlook for the next two years.

UK: Carney announces UK interest rates cut for first time in 9 years02:35
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Bank of England Governor, Mark Carney announced a “timely, coherent and comprehensive” four-point package designed to boost the British economy following fallout from the June Brexit vote, during an announcement in London, on Thursday. Carney confirmed that interest rates would be been cut for the first time since 2009 to 0.25 percent.

The governor made assurances that the lower interest rates would be “felt immediately” by “households and firms,” the two groups most feared to be suffering in the wake economic uncertainty which followed the referendum result. He stressed that the Monetary Policy Committee (MPC) was “determined that the stimulus the economy needs does not get diluted as it passes through the financial system.”

In addition to the new interest rate set by the MPC, the UK central bank published minutes detailing the nine-panel member’s discussions, not normally published until weeks after the announcement, as well as its latest economic forecasts which foresaw virtually no economic growth in the second half of the year and slashed the outlook for the next two years.

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