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Enviado: 10/7/2003 12:15LONDON (CBS.MW) -- The Bank of England has cut its key short-term interest rate by a quarter point to 3.50 percent. Economists had been split on whether the BoE on Thursday would drop the key short-term rate from 3.75 percent, already at a 48-year low.
Expectations for a rate cut in the U.K. grew after an ominous first quarter GDP revision to 0.1 percent over the fourth quarter. The data marked the slowest growth in the first quarter in Britain in about a decade.
The European Central Bank's decision on rates for the eurozone is expected at 12:45 p.m. London time. No change is expected.
The London FTSE remained lowered on the day, but picked up 0.2 percent after the rate cut.
Expectations for a rate cut in the U.K. grew after an ominous first quarter GDP revision to 0.1 percent over the fourth quarter. The data marked the slowest growth in the first quarter in Britain in about a decade.
The European Central Bank's decision on rates for the eurozone is expected at 12:45 p.m. London time. No change is expected.
The London FTSE remained lowered on the day, but picked up 0.2 percent after the rate cut.