Interest rates reduced to 6.25%

10 December 1998

Interest rates reduced to 6.25%

By FWi staff

THE Bank of England has reduced interest rates for the third time in as many months.

The 0.5% rate cut to 6.25% was announced at noon today (Thursday) following the monthly meeting of the banks Monetary Policy Committee.

But interest rates are still much higher in the UK than in the rest of Europe.

In a combined move last week, the 11 countries which have signed up to next months launch of the Euro all reduced their interest rates to 3%.