Another big finance news story has just broken – 7 central banks, including our very own Bank of England, have agreed to cut interest rates.
In the case of the UK, ours are to be cut by 0.5%, so will fall from 5% to 4.5%, in a decision that has been made a day earlier than expected.
The US Federal Reserve has cut their rates from 2% to 1.5%, and the European Central Bank has also reduced its rate by 0.5%, down to 3.75%.
The reaction from the stockmarket has been reasonably good – the FTSE had fallen by as much as 10% early in the day, but have now recovered, and stands pretty much where it did at the start of the day.
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