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Is today the day for an interest rate reduction?

Today is D-Day for the UK economy with high hopes that the Bank of England will reduce interest rates by up to 1% to try and kick start the UK. While the Bank of England have been fairly quiet over the last few days just a short time ago they did indicate that perhaps interest rates have not fallen quickly enough in the UK so far.

This is the strongest indication yet that we are entering a new phase in the fight to revive the UK and we could hopefully see some radical moves in the short to medium term. This would be a major move away from the general tradition of the Bank of England however with the economy still struggling, unemployment on the rise, and a worldwide economy which is still very much in decline it may be time for a radical approach.

Many believe there is a groundswell of change within the Bank of England as more members of the MPC than ever before appear to favour a reduction in rates in the short term. This would be a welcome boost to the economy although the impact may be more superficial in the short term with a real impact probably still some time away.

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