The Financial Times Says:

6 12 2008

“Interest rates were slashed by another percentage point on Thursday, bringing the official cost of borrowing down to 2 per cent, equal to the lowest rate since the Bank of England was founded in 1694.”

This is from an article in the December 4, 2008 Financial Times entitled, UK Interest Rates Lowest Since 1951. It would be interesting to know just how many times the bank has dropped its interest rate to this level since 1694 and what was happening in the world, both politically and economically, at the time.

It’s an arresting statement though, isn’t it?

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