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Bank of England faces pressure to slash interest rates after US central bank makes emergency cut NewsColony THE Bank of England may be under pressure to slash interest rates following the Federal Reserve Bank’s dramatic decision to cut rates in the US by 0.5 per cent yesterday. The Fed made its emergency call to cut rates in response to growing fears about the impact of coronavirus on the global economy. 2 Governor of the Bank of England, Mark Carney is under mounting pressure to cut interest rates in the UK Credit: Reuters The Bank of Canada has also cut rates by 0.50 per cent. Russ Mould, investment director at AJ Bell said: “The more central banks around the world cut interest rates, the more the Bank of England is likely to join the herd. “Central banks in America and Australia have already moved and Europe and Japan have begun to consider it.” Stuart Law, CEO at Assetz Capital added: “A technical recession in H1 2020 is looking increasingly likely due to the economic ...