Cut in interest rates expected in Britain
The British government is expected to announce a cut in interest rates today (March 10) in an effort to give industry some relief from the worsening recession. The cuts are expected to be disclosed when Chancellor of the Exchequer (finance minister) Sir Geoffrey Howe presents the Conservative government's third budget to Parliament amid the worst economic slump since the 1930s.
Monday a half million civil servants struck for 24 hours in a protest that closed airports, museums, government offices, and customs counters. Civil service unions reported the strike was 80 to 90 percent effective. But Prime Minister Thatcher's government said fewer than 70 percent stayed away overall.