Carney prepares for rate cut
The Bank of England is set to slash interest rates this week, possibly to as low as zero, as it looks to cushion the blow to the economy as a result of Brexit.
Mark Carney has said that the economy has already showed signs of strain since the vote on 23 June. With the rate already at a record breaking 0.5%, which is the lowest in the Bank's 321 year history, the governor is heading further into uncharted territory. It has been suggested that the mooted shift to 0.25% would have little to no effect and economists expect the Bank could go even further and cut the rate to zero and a restart of the money-printing quantitative easing programme this summer.
11th July 2016