On the other hand, the coalition government has been aggressively courting foreign multinationals by slashing the rate of corporation tax from 24% to an eventual 20%.
Spanish-owned Santander is slashing the rate of interest on its highly popular 123 current account by half, in a move that will hit more than 500,000 customers.
BT is slashing the rate it pays contractors by as much as 30% as the company fights to conserve cash following the disappointing performance of its IT services operation.
In addition, the government is slashing the rate on undrawn funds from 850 basis points to just 75 basis points.
George W. Bush slashed the rates on capital gains and dividends.
Willett says that could slash the rates of preliminary death from heart disease, and reduce the incidence of diabetes, dementia and other metabolic diseases.
After lobbying from Senator Clinton and other elected officials, the Long Island Power Authority slashed the rates it charges the base, and Suffolk County reduced its rent at Gabreski from $36,000 a year to a token $1.
Typically, banks and building societies offer attractive, market-leading rates and then, once they have suckered savers in, slash the rates, leaving millions to receive almost no returns on their nest eggs.
Nigel Lawson's 1988 budget slashed the rate again to 40%.
Now, of course,the Fed funds rate is already zero, so Bernanke can't just slash the rate.
