The Property Investor Group

In a coordinated effort to revive the ailing global economy, the BoE joined the Federal Reserve, European Central Bank, Bank of Canada, Bank of Sweden and the Swiss National Bank in taking emergency interest rate action. "Throughout the current financial crisis, central banks have engaged in continuous close consultation and have cooperated in unprecedented joint actions such as the provision of liquidity to reduce strains in financial markets," the joint central bank statement reads. The Council of Mortgage Lenders welcomed the move, which followed this morning's UK Government bank rescue package. "Not only are the tripartite authorities now pulling together decisively to address domestic confidence, but international central bankers are also collaborating much more effectively on their position," CML director general Michael Coogan says. "All this decisive action augurs well for an improving market situation looking ahead, even though no one is pretending the tough times are over yet." This article was first published by IFAonline, part of the Incisive Media group.