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Bank head upbeat on economy
The governor of the Bank of England, Mervyn King, has suggested that interest rates will not be cut drastically in the UK this year due to the credit crunch.
Mr King, who chairs the monthly rate-setting meeting at the bank, told an MPs' committee yesterday that the economy was not facing a dramatic slowdown when compared with the US.
This could be a heavy hint that Britain will not be following the example of America's Federal Reserve, which has slashed interest rates from 5.25 per cent to just 2.25 per cent in recent months.
By contrast, the Bank of England has reduced rates by 0.5 per cent to 5.25 per cent since the beginning of the global financial crisis last summer.
Interest rate reductions are generally used by central banks to stimulate the economy during times of slowdown - as they generally make borrowing on personal loans and mortgages cheaper, stimulating spending.
Mr King commented: "This is not an economy which has completely ground to a halt."
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