England banks cut interest rates

The Bank of England and five other banks have cut interests rates in an attempt to stabilise their markets.



The banks reportedly reduced rates by half a percentage point.



The move puts the interest rate at 4.5 percent from 5.



The US Federal Reserve has also cut rates from 2.15, while the European Central Bank has trimmed its rate from 4.25 to 3.75.



The unprecedented, coordinated step comes as world stock markets continue to slump.



Other banks in China, Sweden and Switzerland have also taken similar action.