Bank of England cuts rates by 0.5%

UK - The Bank of England on Thursday cut Britain's interest rates half a point, taking its key repo rate to a 37-year low of 4.0 percent, in a bid to insulate the country from the threat of global recession.

The rate cut was the seventh this year by the Bank's Monetary Policy Committee and followed a half-point rate cut by the U.S. Federal Reserve earlier this week which took benchmark U.S. lending rates to 2.0 percent.

Industry leaders had called on the MPC to cut rates by a half-point but mos