It was the outcome most commentators were expecting.
Even Roger Lawson of the UK Shareholders' Association, which represented 150,000 small investors, admitted it was "not totally unexpected".
There's no shortage of bad news in the financial world at the moment.
But one top hedge fund manager believes that equities could soon be heading for a very sharp rally.
How bad will hedge funds’ year-end performance figures look?
According to Credit Suisse/Tremont, funds fell 6.30 percent in October after a 6.55 percent drop in September, taking losses for the first ten months to 15.54 percent.
So star hedge fund manager Greg Coffey has opted to join established firm Moore Capital.
In these troubled times, go back to basics.
Theo Zemek, AXA Investment Managers‘ global head of fixed income, says investors should adopt “Quaker investment policies” – sober and safe investment strategies that can be explained to their grandmothers.
It was not so long ago that hedge funds and commodities were the two red hot areas to invest in.