In the UK, the Bank of England cut rates by 1.5 percentage points to 3 per cent, bringing the official rate to its lowest level in 54 years. The cut was three times bigger than any seen since the central bank's monetary policy committee was established in 1997.
The European Central Bank cut official borrowing costs by half a percentage point to 3.25 per cent and Jean-Claude Trichet, ECB president, said he would not “exclude” a further cut in December.
In other moves, the Czech central bank unveiled a much larger-than-expected three-quarter percentage point cut in official borrowing costs, while the Swiss National Bank also said it was lowering interest rates.
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