Treating the hangover
The first interest-rate move in seven years is a Brexit-induced cut
THE Bank of England had not changed base rates in seven years, but when it finally moved, it did so with a bang. In response to the low growth it expects in the wake of Brexit, it cut rates by a quarter point, to 0.25%, expanded its quantitative easing scheme and introduced a new funding scheme for banks. The move came on August 4th—three prime ministers, two disappointing European football championships and one referendum since the last wiggle in the rate.
This article appeared in the Britain section of the print edition under the headline “Treating the hangover”
From the August 6th 2016 edition
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