Many economists had predicted that the bank would announce a reduction today.

Merck did not announce deep reductions in its sales force.

Since then companies such as Toyota have announced steep reductions in investment.

China did not announce a reduction in oil exports.

Osborne announced further reductions in public expenditure to reach £17 billion by 2014/15.

Enron also announced a reduction in shareholder equity of more than a billion dollars.

"On the contrary, once one nation announces reductions all the others are likely to follow suit only too eagerly."

However in April 2009 the club was able to announce a £6 million reduction in their debt level.

In 2004, the Luftwaffe announced a reduction in its training program.

In August 2012, China announced a further 20% reduction in production.