So much for an independent Bank of England; Brown calls King, "I need to see you about rates". King comes running...
"Gordon Brown today met Mervyn King, Governor of the Bank of England and Alistair Darling, the Chancellor, to discuss the current financial turmoil as it emerged that UK economic growth ground to a halt during the second quarter.
The early morning meeting went ahead as hopes heightened that the Bank of England's Monetary Policy Committee (MPC) will vote to cut the interest rate by a quarter point to 4.75 per cent when it convenes in nine days' time. "
Tuesday, September 30, 2008
Mervyn, I need you to cut rates
Labels:
Bank of England,
finance,
inflation,
interest rates,
money,
UK banking,
UK economy
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