£50 Billion Boost From BoE

06 July 2012 17:30 - Phoebe Robinson

    



£50 Billion Boost From BoE

The Global economy has been awaiting the decision of the Bank of England all week. And it seems the action that was speculated has been taken.  Together with its Eurozone Counterpart the B of E has taken emergency action to try and inject some movement into their struggling economies.
The Uk economy is under a lot of pressure people are wondering if it is going to take their whole life time for it to recover. The Eurozone crisis has caused much grief and the B of E has just given a £50 billion boost as the Euro countries struggle to emerge from the recession.
In Frankfurt the ECB cut its key interest rate to an all time low of 0.75%.  
The decision of the BoE was widely expected by the markets, and it reflects the growing concern about the chilling effects of the eurozone crisis on an economy that is already in a double-dip recession. As well as being in line with the ECB interest rate cut, the Peoples Bank of China also cut interest rates in response to the global slowdown.

ďAgainst the background of continuing tight credit conditions and fiscal consolidation, the increased drag from the heightened tensions within the euro area meant that, without additional monetary stimulus, it was more likely than not that inflation would undershoot the target in the medium term, said MPC in a statement.

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