Bank of England, ECB make big rate cuts
The European Central Bank cut its key rate by half a percentage point to 3.25 per cent on Thursday, joining the Bank of England, Swiss and Czech central banks as they confront the looming recession. The ECB announced the cut from 3.75 per cent shortly after the Bank of England lowered its key interest rate by a startling 1.5 percentage points to 3 per cent.
