Battered Britain

Last week, the Bank of England halved its interest rate to 0.25%, the lowest rate in its 322 year history! It also announced a new round of short-term government bond-buying totaling $80 billion and two other programs to stimulate the economy. The BOE also slashed its growth forecast for 2017 from 2.3% to 0.8%, its biggest revision ever. A mild self-contained post-Brexit UK recession looks inevitable.