Keeping an Eye on GBP after the BOE

Is it over yet? Has the Bank of England reached a bottom with their rate cuts?

After today’s meeting BOE interest rates sit at 1.5% -- a 50 basis point haircut. Bloomberg.com tells us this is the lowest BOE rates have gone since the bank’s introduction. Whoa.

So far, the central bank and government in the United Kingdom have been throwing a lot of hope (read as: time and money) at the wall. But nothing seems to be sticking. The obvious indication is the availability, or flow, of credit among consumers. The situation remains really tight; lending and borrowing is minimal.