The Bank of England has slashed the official cash rate by 150 basis points in a bid to soften the impact of the “most serious disruption” to the global banking system in almost a century.
The reduction brings the British cash rate to just three per cent – the lowest level since 1955.
“There has been a very marked deterioration in the outlook for economic activity at home and abroad,” the Bank said in a statement released overnight.
The reduction follows a 50 basis point cut just last month.
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