Bank {of England} lowers interest rates to 5% (BBC)

[eppur_se_muova]

UK interest rates have been cut to 5% from 5.25% by the Bank of England in an attempt to spur the economy in the face of the global credit crunch.

It is the central bank's third cut in interest rates since early December.

The Bank said that disruption in financial markets and tighter credit conditions could lead to a slowdown in the wider economy.

The largest mortgage lenders say they will pass on the cut to their mortgage customers who pay variable rates.

Decision welcomed

Business groups welcomed the decision and called for further cuts to shore up growth.
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more: http://news.bbc.co.uk/2/hi/business/7340142.stm

[DemocratInSoCal]

1. Amerika's Siamese Twin Following Our Marching Orders

So I guess this means the dollar will rally against the pound.

I wonder if we're going to be able to strongarm the European Union to lower their rates as well. Looks like the global liquidity helicopter drop is continuing, and that is the way they hope to dig out of this ditch.