March 4. Nine member panel headed by Bank of England’s Governor Mr. Marvyn King reduced the interest rate of British pound to 0.5% , lowest since the birth of Bank of England in 1694.
Mr. Marven king wrote a letter to Chancellor of exchequer on February 17 , stating that “In these highly uncertain times, there are merits to stimulating the economy through a variety of different channels”,published today. The Bank will start purchasing 75 billion pounds in assets, printing money to fight the
recession.
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