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0.25 per cent interest rate cut
0.25 per cent interest rate cut
Last Modified: 10 Apr 2008
By:
Bridgid Nzekwu
The Bank of England cuts interest rates by a quarter point - as most bank watchers were expecting.
The move suggests that the bank's monetary policy committee, which makes the decision, has put the needs of struggling home owners and borrowers above inflation, the other fear stalking the economy.
Today's move means that base rates are back to where they were at the end of October 2006. But how different things feel now.
The 0.25 per cent cut has been prompted by a continued weakening of the UK's consumer-driven economy.
Channel 4 News went to Wolverhampton, where the housing market has been especially hard-hit but where manufacturing is providing a safety net for the local economy.
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