Thursday, August 2, 2012

Bank of England keeps rate at Ancient Roman level?

I was surprised to see this headline on Finfacts.ie today:

The Bank of England kept its benchmark rate at a '1694-year low'? That means that the rate hasn't been lower since 318AD, back when Britannia was a Roman province! Right through the collapse of Rome, the invasion of Saxons and Angles, the Viking attacks and Norman conquests, the Bank of England kept its rates above 0.75%!

The first paragraph explains that this is the lowest rate since the foundation of the Bank of England, in 1694, a rather different meaning; perhaps the person writing the headline was not the person writing the story!

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