Why does the Bank of England?
Interest rates in the USA were lower so the Bank of England has gone down further to meet their level. They are copying the USA, taking the lead from the USA. They hope it will work just like the USA hopes it will work. The Bank of England still had room to go still lower this time. I don’t think it will go any lower than 1% though. But then again if the USA does go down to 0% then it would not really surprise me if the Bank of England does follow soon after.
