The Bank of England’s Monetary Policy Committee yesterday voted at a special meeting to reduce the official Bank Rate paid on commercial bank reserves by 0.5% to 4.5%.
The Monetary Policy Committee held a special meeting on Wednesday 8 October, some hours in advance of its normal schedule. After that meeting, the Bank of England, in conjunction with the Bank of Canada, the European Central Bank, the US Federal Reserve, Sveriges Riksbank, the Swiss National Bank and the Bank of Japan, released a joint statement which can be read at www.bankofengland.co.uk/publications/news/2008/067.htm
