The Bank of England recently cut interest rates to 1.5%. This doesn’t sound like such a big deal as just today, the Bank of Canada cut its rate to 1%, the lowest rate since it was formed in 1934. Even though its rate isn’t quite as low, the Bank of England easily wins this contest because 1.5% is also the lowest the rate has been since it was formed, but the Bank of England wasn’t formed in 1934. No, the Bank of England came into being in 1694, for goodness sakes.