It is expected that the Bank of England will cut the interest rate further today by a further 1% in an attempt to help revive the economy. This news comes as the Pound has fallen to its lowest ever against the euro. The pound has dropped to 1.15 euro which is the lowest since the currency was introduced in 1999.
It is expected that the economy is going to be worse than was first thought and the decrease in the pound will not help the situation. The Bank of England is extremely keen to increase consumer confidence to encourage people to start spending again. However, only time will tell to see if a further cut in interest rates will help the economic situation, and many experts don’t believe it will have a big impact.
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