Bank cuts to historic low

The Bank of England cut interest rates to their lowest level since 1951 on Thursday and stressed that further steps would be needed to prevent a deep recession.

Thursday's 100-basis-point cut was widely expected. Indeed, many observers felt that the Bank would opt for even more aggressive easing.

Nevertheless, Thursday's move takes rates to 2% - the lowest they have ever been in the more than 300-year history of the Bank of England.

The statement accompanying the announcement pointed out that

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