Bank of England cuts interest rates in attempt to lessen the Brexit fallout
Remember Brexit? And the foretold economic consequences?
Well, to try and ameliorate those, the Bank of England just lowered interest rates for the first time in 7 years. It's using other stimulus measures, too.
And despite all of that, the Bank expects to see 250,000 jobs lost in the next 2 years.
The lower interest rate will encourage companies to borrow and make mortgages cheaper, while harming savings and pensions.
The bank also predicts lowered growth and increased inflation as a result of the Brexit vote.
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Dana is a freelance writer from Florida, the state that winter forgot. She likes video games, cats, fantasy novels, and complaining about the weather. Follow her on Twitter for intermittent whining about the First Amendment.