Bank of England interest rate cut announced

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Bank of England interest rate cut announced

The Bank of England announced yesterday that it would cut interest rates again - a move which many analysts had been expecting.

Following on from the interest rate cuts at the beginning of November, December and January, the Bank of England's latest - of 0.5 per cent - has reduced the base rate to one per cent.

It is hoped that cutting the interest rate again will help stimulate the lending market by persuading banks to lower interest rates on their loans and mortgages.

The Bank of England explained the move by saying: "Credit conditions faced by companies and households have tightened further.The underlying picture for consumer spending appears weak."

It added that the "severe and synchronised downturn" in the global economy had seen output fall in nearly all the world's developed economies during the final quarter of 2008.

The decision to cut rates was made by the bank's monetary policy committee, which is independent of the government.

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