UK Chancellor Alistair Darling yesterday signalled the Bank of England was free to cut interest rates without fear of breaching its inflation targets, as the US slashed rates in an attempt to ward off recession. The BOE’s monetary policy committee is expected to make a cut to its 4.5 per cent rate similar to that of the US Fed at its meeting next week. Meanwhile, BOE member David Blanchflower tells the Telegraph the Bank did not act fast enough to cut interest rates and may now have consigned Britain to a long and painful recession.

This entry was posted by Tracy Alloway on Thursday, October 30th, 2008 at 3:37 and is filed under Capital markets, People. Tagged with bank of england. Edit this entry.