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LONDON, Aug. 4 (UPI) -- Britain's central bank cut its primary interest rate Thursday a quarter of a percent to 4.5 percent to spur the nation's sagging economy.
The Bank of England's Monetary Policy Committee had held the rate at 4.75 percent since August 2004 when the rate was raised, the Financial Times reported. The last rate cut came in July 2003.
Business groups hailed the anticipated rate cut but hinted that more such moves may be needed.
"While today's cut in interest rates should alleviate some of the most acute pressures facing the economy, the U.K. economic climate has worsened and we are facing new dangers," said David Frost, head of the British Chamber of Commerce.
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WASHINGTON, May 23 (UPI) --
The planned Keystone XL oil pipeline would move oil away from refineries that produce gasoline, increasing prices, the National Resource Defense Council says.
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ORLANDO, Fla., May 23 (UPI) --
A new labor agreement between Lockheed Martin and workers at three company facilities has been ratified and is now in effect.
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The housing inventory rose slightly in April, which is unusual in the middle of the spring sales season. The uptick may be the result of rising seller confidence and it should ease concerns that the super tight inventory levels of the last six months...
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What if Europe turned out to be the new Japan?
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