
Bank shocks with steepest cut for 24 years
The Bank of England on Thursday lopped one-and-a-half basis points off its benchmark rate for the first time since August 1984, confounding expectations of a far less severe move.
The bank cut, the magnitude of which has not been matched since August 1984 nor exceeded since March 1981, leaves bank rate at 3%, the lowest level since 1954.
The scale of the cut was unexpected, with most economists expecting a move in the region of 50 to 100 basis points.
Danny Gabay, a director at Fathom, a consu
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