European, U.K. central banks cut rates

The European Central Bank cut its main interest rate by a half percentage point to 1.5 percent Thursday.

Earlier, the Bank of England cut its official interest rates by half a percentage point to 0.5 percent and announced plans to create new money to buy banks’ assets.

In a widely anticipated move, the U.K. central bank’s monthly rate decision on Thursday included plans to begin so-called quantitative easing — a technical term that describes the technique of expanding the supply of money in the economy.

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The bank says it will purchase 75 billion pound ($106 billion) of assets over three months by issuing central bank reserves — effectively creating money. The figure was less than expected by many analysts.

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Britain fell into recession last year for the first time in nearly two decades and economists have warned that the downturn could be prolonged.

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