Messengers and others hurry from the Bank fo England when Britain cut its bank rate by 1/2 per cent to 6 1/2 per cent to give a lead to the lowering of world rates . This is the key rate controlling all interest rates in the country and has been held at the emergency level of 7 per cent since 14th July last as part of the measures to protect the pound and restore the economy to health . 26th January 1967