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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Top Stories Full Coverage Most Popular Photos Search Search: Bank of England cuts UK interest rates to 3% AFP - Friday, November 7 LONDON (AFP) - - The Bank of England on Thursday slashed its key lending rate by a record 1.5 percentage points to 3.0 percent as Britain heads towards recession and faces a sharp drop in inflation. "The past two months have seen a substantial downward shift in the prospects for inflation in the United Kingdom," the BoE said in a statement. "There has been a very marked deterioration in the outlook for economic activity at home and abroad. Moreover, commodity prices have fallen sharply." Since winning independence from the British government in 1997, the Bank of England had only ever reduced borrowing costs by as much as 0.50 percentage points. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Most Popular – Top Stories Viewed Among Obama's next challenges: his own security Obama's grandmother, family 'rock', dies on election eve ECB, Bank of England slash interest rates Russian leader blasts US, vows to deploy missiles near EU Obama wins US election, to become first black president View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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