UK Landlord Forum / Life

Six central banks, including the Bank of England, have cut interest rates by half a percentage point in an effort to steady the faltering global economy.

No decision on UK rates had been expected until Thursday - and the move puts the interest rate at 4.5% from 5%.

The last time the Bank of England cut rates in a special meeting was on 18 September 2001 - when rates came down from 5% to 4.75%.

In the UK, some mortgage lenders also immediately passed on the rate cut to borrowers - trimming their variable rates.

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