Friday, December 7, 2007

Warning of slump as Bank cuts rates to 5.5pc

By Harry Wallop, Edmund Conway and Andrew Porter Last Updated: 2:25am GMT 07/12/2007

The Bank of England admitted for the first time yesterday that the economy is facing a serious slow-down because of the global credit crisis.
After announcing the first interest rate cut for two years, the bank issued a statement saying that growth had begun to slow, with serious potential knock-on effects for the economy's overall output.
The warning, the starkest yet from the bank, came as the western world's leading economic authority issued a warning on Britain's faltering property market.

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