Networks to Cover BoE Rate Decision

The Bank of England is expected to either announce a rate cut to 0.5%, the launch of Quantitative easing, or both later today.  CNBC, both in Europe and the US, Sky News and the BBC, amongst many other networks worldwide will be covering the decision live at midday UK time.  Rates in Britain are already at an all-time low, and it would be unprecidented for rates to be dropped to 0.5% and even worse, a huge blow to PM Gordon Brown's "Global New Deal", which he was in Washington to sell yesterday.

Quantitative Easing is when a government effectively creates money out of 'thin air' whereby they create debt in order to prop-up private banks.  The last time it was done is when the Japanese economy was on the brink of collapse in the early 1990's and has not been done by a modern western country in recent times.