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Central Banks co-ordinate a .5% cut.
Seven central banks around the world, including the Bank of England have today cut their interest rates by .5%.
The UK rate move which ordinarilly would have been announced tomorrow puts interest rates at 4.5% down from 5%.
The US Federal Reserve has cut rates from 2% to 1.5% and the European Central Bank from 4.25% to 3.75%.
The unprecedented step is an attempt to steady a faltering global economy and collapsing stock markets.
The Fed said that it had acted "in light of evidence pointing to a weakening of economic activity and a reduction in inflationary pressures".
