This site uses cookies. By accepting cookies you can optimise your browsing experience. Read more.
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
Pool for subscribers only
No Account? Sign up!
Description

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.

Top downloads in last 24 hours
05:33
Who's a clever dog? Talented pups skip rope and study mathWho's a clever dog? Talented pups skip rope and study math
December 4, 2020 at 10:02 GMT +00:00
04:33
No more anti-maskers! Japanese robot controls compliance with COVID restrictions in Osaka storeNo more anti-maskers! Japanese robot controls compliance with COVID restrictions in Osaka store
December 3, 2020 at 21:26 GMT +00:00
Pool for subscribers only
03:13
Iran: Tehran 'ready' for further exchange of prisoners, says FM ZarifIran: Tehran 'ready' for further exchange of prisoners, says FM Zarif
December 3, 2020 at 17:30 GMT +00:00
05:08
Spain: Automaker SEAT uses rice husks to make car partsSpain: Automaker SEAT uses rice husks to make car parts
December 3, 2020 at 16:59 GMT +00:00
03:09
State of Palestine: Israeli forces fire tear gas to disperse anti-annexation protestState of Palestine: Israeli forces fire tear gas to disperse anti-annexation protest
December 3, 2020 at 19:20 GMT +00:00
Pool for subscribers only
02:56
Italy: Prime Minister Conte announces further COVID restrictions for holiday seasonItaly: Prime Minister Conte announces further COVID restrictions for holiday season
December 4, 2020 at 02:52 GMT +00:00
Pool for subscribers only
01:10
UN: Macron proposes 'donation mechanism' for COVID vaccines' distributionUN: Macron proposes 'donation mechanism' for COVID vaccines' distribution
December 4, 2020 at 01:52 GMT +00:00
04:40
Israel: Netanyahu welcomes hundreds of Ethiopian immigrants at airportIsrael: Netanyahu welcomes hundreds of Ethiopian immigrants at airport
December 3, 2020 at 15:41 GMT +00:00
01:51
Venezuela: Maduro concludes election campaign, says he steps down if PSUV loses Venezuela: Maduro concludes election campaign, says he steps down if PSUV loses
December 4, 2020 at 03:49 GMT +00:00
03:36
Iraq: Crowds rally to decry poor economic and living conditionsIraq: Crowds rally to decry poor economic and living conditions
December 2, 2020 at 18:34 GMT +00:00
Pool for subscribers only
01:06
Russia/Serbia: First batch of Sputnik V vaccine supplied to Belgrade for clinical testsRussia/Serbia: First batch of Sputnik V vaccine supplied to Belgrade for clinical tests
December 4, 2020 at 00:57 GMT +00:00
Pool for subscribers only
01:07
Russia: Large-scale missile drills take place in AstrakhanRussia: Large-scale missile drills take place in Astrakhan
December 4, 2020 at 07:11 GMT +00:00
03:22
Armenia: Protesters detained at rally after blocking central streets in YerevanArmenia: Protesters detained at rally after blocking central streets in Yerevan
December 3, 2020 at 22:04 GMT +00:00
02:51
USA: 'Stop the Steal' protesters demonstrate outside courthouse where Trump's team fight election resultsUSA: 'Stop the Steal' protesters demonstrate outside courthouse where Trump's team fight election results
December 3, 2020 at 23:07 GMT +00:00
Pool for subscribers only
00:30
USA: Evacuations ordered as vegetation fire rages through Silverado CanyonUSA: Evacuations ordered as vegetation fire rages through Silverado Canyon
December 3, 2020 at 14:29 GMT +00:00
04:19
Peru: Stranded travellers clash with protesters as Pan-American highway blockade continuesPeru: Stranded travellers clash with protesters as Pan-American highway blockade continues
December 4, 2020 at 06:56 GMT +00:00
00:17
Italy: Centre-right deputies occupy the Chamber to protest against new COVID restrictionsItaly: Centre-right deputies occupy the Chamber to protest against new COVID restrictions
December 4, 2020 at 10:23 GMT +00:00
03:42
Bosnia and Herzegovina: Migrants blocked at Croatian border amid freezing weatherBosnia and Herzegovina: Migrants blocked at Croatian border amid freezing weather
December 3, 2020 at 14:39 GMT +00:00
05:05
Mara Gomez shares her story of becoming first transgender player in Argentina's top-flight women's footballMara Gomez shares her story of becoming first transgender player in Argentina's top-flight women's football
December 4, 2020 at 03:38 GMT +00:00
01:23
Sweden: Stockholm mother arrested on suspicion of holding son captive for nearly 30 yearsSweden: Stockholm mother arrested on suspicion of holding son captive for nearly 30 years
December 3, 2020 at 17:56 GMT +00:00
00:42
USA: Mysterious metal monolith comes back, now on top of Atascadero's Pine Mountain in CaliforniaUSA: Mysterious metal monolith comes back, now on top of Atascadero's Pine Mountain in California
December 3, 2020 at 01:49 GMT +00:00
02:31
UAE: Impressive fireworks mark UAE National Day in DubaiUAE: Impressive fireworks mark UAE National Day in Dubai
December 3, 2020 at 04:27 GMT +00:00
View all videos