영국중앙은행 기준금리를 2%로 내려

영국 중앙은행은 4일 기준금리를 2% 로 내렸다. 이는 1951년 이후 가장 낮은 금리 라고 한다. 지난 11월 6일 4.5%였던 금리를 1.5% 내려 3% 로 한 지 불과 한 달도 되지 않았는데 1%를 더 내려 2%가 되었다. 그만큼 사태가 심각한 모양이다.   http://news.bbc.co.uk/1/hi/business/7764741.stm Bank cuts UK rates to 57-year low The Bank of England has cut interest rates by one percentage point, from 3% to 2% - the lowest level since 1951. The move, which followed a dramatic cut in November, has been welcomed by many commentators who said the cut would help the slowing economy.   Hetal Mehta, of the Ernst & Young Item Club, said the cut was the "right medicine at the right time". A number of lenders have said they will pass on the cut in full to customers with standard variable rate mortgages. However, banks and building societies have said their savings rate are "under review".   HSBC and Lloyds TSB, which also owns Cheltenham and Gloucester, have said their standard variable rate mortgages would be cut by the full one percentage point cut.   While Skipton building society said they would pass on a cut of at least 0.95 percentage point. Royal Bank of Scotland and Lloyds TSB/Cheltenham & Gloucester will also pass on the rate cut to their small business customers, they said.   Before the interest rates decision, Halifax said its customers with existing tracker mortgages, that follow moves in the Bank of England's Base Rate, would benefit in full from any cuts. This was despite a clause in the Halifax's paperwork which would have allowed it to put a limit on the cuts it passed on to mortgage customers.   Economic turmoil Commenting on the reaction to the Bank's latest interest rates cut, BBC economics editor Hugh Pym said: "There wasn't quite the shock value of the dramatic one-and-a-half point reduction in November.   "But we shouldn't forget the scale of the Bank of England's action. The cost of borrowing has been more than halved since early October, as the Bank got to grips with the rapid decline in confidence and spending."   Earlier, there was further evidence of the rapidly slowing economy in the UK: • House prices fell 2.6% between October and November - their sharpest monthly drop since the housing market crash of the 1990s - according to the Halifax. • New car sales in November fell 36.8% on the year before - the steepest decline in nearly three decades according to the Society of Motor Manufacturers and Traders • Homewares retail chain The Pier - which has 31 stores and 17 concessions across the UK - was placed in administration. It employs about 400 workers.   Central banks across Europe also cut rates in an effort to stem the economic decline. The European Central Bank cut its key interest rate to 2.5% from 3.25%, the biggest reduction in its history. Earlier on Thursday, Sweden's central bank cut interest rates from 3.75% to 2% - a bigger-than-expected recuction. 'Bold but necessary'   This latest dramatic move by the Bank of England means that its Bank Rate is now at its lowest since November 1951- a year which saw the Festival of Britain and Winston Churchill become Prime Minister again.   Hetal Mehta of the Ernst & Young Item Club said: "You could almost hear the sigh of relief up and down the country. Anything less would have been a missed opportunity. The Bank has given the economy the right medicine at the right time.   "Manufacturing and services surveys this week have confirmed that the recession is gathering momentum. At the same time, commodity prices have collapsed and inflation is set to fall dramatically, the dire prospect of deflation is becoming more likely."   Graeme Leach of the Institute of Directors welcomed the Bank's decision, calling it "bold but necessary". The British Chambers of Commerce (BCC) said that because of worrying signs that UK activity was falling sharply, it was "critically important" the the Bank to persevere with "aggressive" rate cuts.   "There is a clear danger that unemployment will increase even more dramatically without urgent counter-measures," said David Kern, of the BCC. HAVE YOUR SAY Brilliant, once again the sensible savers get kicked in the teeth Jason Jones, Birmingham   And he strongly urged the Bank of England's monetary policy committee to cut interest rates by at least a further half a percentage point at its January meeting.   Stephen Robertson of the British Retail Consortium said: "This is exactly the type of decisive action we need during these uncertain times. With the threat of inflation fading, the Bank of England is right to concentrate on jump-starting the economy."   Story from BBC NEWS: http://news.bbc.co.uk/go/pr/fr/-/1/hi/business/7764741.stm Published: 2008/12/04 13:01:45 GMT © BBC MMVIII     http://www.bankofengland.co.uk/publications/news/2008/121.htm News Release Bank of England Reduces Bank Rate by 1.0 Percentage Points to 2.0% 4 December 2008   The Bank of England’s Monetary Policy Committee today voted to reduce the official Bank Rate paid on commercial bank reserves by 1.0 percentage points to 2.0%.   In the United Kingdom, business surveys have weakened further and suggest that the downturn has gathered pace. Consumer spending and business investment have stalled, while residential investment has continued to fall. Activity indicators in the rest of the world have also weakened, though the further depreciation in sterling should moderate the impact of weaker global growth on the United Kingdom. And a number of fiscal measures to boost near-term demand are in train, both in the United Kingdom and overseas. Despite the actions taken to raise bank capital, ease funding and improve liquidity, conditions in money and credit markets remain extremely difficult. The Committee noted that it was unlikely that a normal volume of lending would be restored without further measures.   CPI inflation decreased to 4.5% in October. Cost pressures have also eased. Commodity prices continued to fall back. Pay growth remained subdued. And measures of inflation expectations fell back sharply. CPI inflation is likely to continue to drop back as the contributions from retail energy and food prices decline. The direct effect of the temporary reduction in Value Added Tax will also lower CPI inflation through much of next year, with a corresponding increase in inflation in 2010.   In the November Inflation Report, the Committee’s projection for inflation showed a substantial risk of undershooting the 2% CPI inflation target in the medium term. The subsequent decline in market interest rates and the further depreciation in sterling have raised the profile for inflation since then. But the weaker outlook for activity in the near term and the further falls in commodity prices have lowered that profile. Although the temporary reduction in Value Added Tax will lead to some volatility in inflation over the next two years, the new fiscal plans are unlikely to have a significant effect on inflation beyond that horizon.   At its December meeting, the Committee judged that, at the existing level of Bank Rate and looking through the volatility in inflation associated with the movements in Value Added Tax, there remained a substantial risk of undershooting the 2% CPI inflation target in the medium term. Accordingly, the Committee determined that a further reduction in Bank Rate of 1.0 percentage points to 2.0% was necessary in order to meet the target in the medium term.   The minutes of the meeting will be published at 9.30am on Wednesday 17 December.   Notes to Editors The previous change in Bank Rate was a reduction of 1.5 percentage points to 3.0% on 6 November 2008.