More drastic action needs to be taken to restore confidence in the financial markets, according to the Council of
Responding to today’s announcement by the Bank of England that the base rate has been cut by 0.25 per cent to stand at five per cent, Michael Coogan, CML director-general said such a reduction is not significant enough.
Although claiming that the base rate cut is “good news” for tracker
“We would like to see another base rate cut next month partnered with more liquidity auctions, of higher amounts, over longer terms, and available to a wider range of institutions,” commented Mr Coogan.
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