BOE cuts rate to record low
Central bank takes interest rate to 1.5%, the lowest level in its 315-year history.
LONDON (CNN) -- The Bank of England has cut the interest rate to its lowest-ever level, the bank announced Thursday, slashing it to 1.5%.
The half-percentage point cut brings the rate to its lowest level in the central bank's 315-year history.
The Bank cited weakening consumer spending, a tightening credit market for households and businesses, and a deteriorating business and residential investment outlook in announcing the decision. 
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