Bank Rate Stays
(N.Z.P.A.-Reuter—Copyright)
LONDON, December 1
Britain yesterday decided to maintain its crisis Bank Rate of 8 per cent, thus breaking a 94-year-old record. The money market had held back during the morning in anticipation of a possible lowering of the rate. But at mid-day the Bank of England reported no change yesterday. Thursday is traditionally the day for changes in the Bank Rate, although the present one was introduced on a Saturday (November 18) as part of sterling devaluation. In 1914, just before the outbreak of the First World War, there was an 8 per cent rate for 24 hours, followed by 10 per cent—the highest since 1857—but it stayed at 10 per cent for only six days before being lowered to 5 per cent.
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Bibliographic details
Press, Volume CVII, Issue 31542, 2 December 1967, Page 13
Word Count
127Bank Rate Stays Press, Volume CVII, Issue 31542, 2 December 1967, Page 13
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