Bank Of England (BOE) Keeps Interest Rates At 5%
Following the lead of the Federal Reserve, the Bank of England kept interest rates low at .5%. It is certainly a sign that the BOE believes that the U.K. is nowhere near an economic recovery. As a matter of fact,…
Following the lead of the Federal Reserve, the Bank of England kept interest rates low at .5%. It is certainly a sign that the BOE believes that the U.K. is nowhere near an economic recovery. As a matter of fact, the BOE may be worried that the global economy has slowed, that that the effects of this could spread to the U.K. where government austerity measures have likely constrained GDP improvement
In its statement, the BOE said:
The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £375 billion.
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
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A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
