Interest Rates Cut 0.5%

28 July, 2011


The Bank of England has cut interest rates by 0.5% to 1.5% – the lowest level in its 300 year histrory.

Some analysts had expected a 1% cut, which would have been bad news for the ailing Pound. As 0.5% was the minimum cut expected, the Pound has found some strength which has improved Euro exchange rates, Dollar exchange rates, and most others this afternoon.

If you need to send money abroad or send money back to the UK, make sure you are in touch with your currency broker who can give you the latest market updates.