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Economics Interest rates The Bank of England cut interest rates by half a point to 4.5 per cent as part of a coordinated move with five other central banks. The European Central Bank reduced rates for the first time in five years to 3.75 per cent, while the US Federal Reserve cut its key federal funds lending rate by half a percentage point to 1.5 per cent. Central banks in Sweden, Switzerland and Canada also lowered their rates by half a point. China cut its key rate by 27 basis points to 6.93 per cent and lowered its reserve requirements by 1 per cent. Banking & finance Kaupthing Singer & Friedlander The Government has seized control of Kaupthing Singer & Friedlander (KSF), the UK arm of Kaupthing, the Icelandic bank, putting 700 jobs at risk. The Treasury invoked new banking powers to transfer KSF’s £2.5 billion of retail... [read full story]