The Bank of England has cut interest rates to 0.5% – a fresh all-time low – and said it was now boosting the money supply to help revive the economy.
Interest rates have now been reduced six times since October, and the latest half a percentage point cut from January’s 1% had been expected.
The Bank said it would expand the amount of money in the system by £75bn in an attempt to boost bank lending.
This policy, so far untried in the UK, is called quantitative easing.
More over at BBC News.
Will be loving my mortgage even more now!