Bank of England 1.5% Interest Rate Cut

A few minutes ago the Bank of England announsed it was cutting interest rates from 4.5% to 3% – a cut of 1.5 base points – or another way of looking at it a reduction of 33%.
ECB rates are up for review later today – and a cut of 0.5% bringing rates to 3.25% are expected. It may be more.