http://www.purefx.co.uk View the latest news entries below. For archived news articles or to view all news items, please visit our website. en-gb Copyright 2008, PureFX Fri, 21 Nov 2008 18:31:37 GMT 20 http://www.purefx.co.uk/graphics/elements/rsslogo.gif http://www.purefx.co.uk The Bank of England has made aggressive cut in interest rates in the last two months but lenders have been slow to pass on the reduction to consumers, until the Government intervened and some lenders finally caved in to the pressure. However, according This month’s interest rate cut from 4.5% to 3% was a unanimous vote from the nine-member Monetary Policy Committee (MPC), according to the minutes of the meeting, released yesterday. The 1.5 percentage point cut was the largest reduction since 1981, HSBC Bank plc has announced it will reduce its HSBC variable mortgage rate by 0.81 per cent from the 5th December 2008. HSBC's standard variable rate is only paid by one per cent of the Bank's mortgage customers. Their new rate will fall from 6.25 per Switzerland's central bank surprised markets on Thursday by cutting its benchmark interest rate by a full percentage point, the latest in a global round of aggressive rate cuts amid stuttering economic growth and slowing inflation. The Swiss central DEBT FUTURES CASH YIELDS 90-DAY BILL (DEC) 95.980(+0.210) 4.43(4.54) 3-YR BOND (DEC) 96.530(+0.210) 3.45(3.63) 10-YR BOND (DEC) 95.445(+0.205) 4.56(4.38) 3/10 SPREAD +1.085 (+1.100) AUST/US 10-YR SPREAD +155(+144) S&P/ASX 200 3234.6 (3352.9) US10-YR FRANKFURT: The European Central Bank 'obviously' has room to cut interest rates further because inflation is easing, governing council member Ewald Nowotny said Thursday in a newspaper interview. But future ECB rate cuts might not be as sharp as the last THE Bank of England is expected to cut its main base rate again next month. However, whether the cut will be half a percentage point or a full one per cent reduction will depend on the level of tax cuts announced in next Mondays pre-budget report. A tax By Gavin Jones ROME, Nov 21 (Reuters) - European Central Bank policymakers cemented on Friday expectations that they will cut interest rates once more next month, possibly by half a percentage point again and well short of the action taken by other MADRID -(Dow Jones)- European Central Bank Executive Council member Jose Manuel Gonzalez-Paramo defended the ECB's recent interest rate decisions, saying the bank has a more gradual approach to interest movements than some other central banks. Asked at a (adds Trichet, Gonzalez-Paramo comments) * ECB's Mersch says large rate cut could backfire * Gonzalez-Paramo says ECB has 'different reactions' to other cenbanks * Trichet says not surprised by fall in PMIs ROME, Nov 21 (Reuters) - European Central Bank