UK interest rates cut to lowest since 1694

By JANE WARDELL – Story copyright of Associated Press

LONDON (AP) — The Bank of England on Thursday cut interest rates to the lowest level in its 315-year history, taking it into uncharted territory as it attempts to ward off a prolonged recession.

The half point cut in interest rates — to 1.5 percent — sees the central bank nearing the limits of conventional monetary policy after trims totaling 3.5 percentage points since the beginning of October and as Britain faces its bleakest year since the early 1990s recession.

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