Lib Dems comment on base rate cut

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Lib Dems comment on base rate cut

The Liberal Democrats have commented on the Bank of England's decision to reduce the base rate of interest to 0.5 per cent.

Thursday's vote by the Bank's monetary policy committee saw the rate cut by half a percentage point from February's level of one per cent - which at the time was the lowest it had ever been set.

A statement from the central bank also revealed that an asset purchasing programme is to begin, marking the beginning of quantitative easing efforts.

In response, the Liberal Democrats' deputy leader Vince Cable said that such measures are understandable given the state of the economy, but warned that decision makers have now run out of "conventional weapons".

He continued: "Directly increasing the amount of money flowing into the economy is now the only clear option. However, the government must be careful that this kind of radical action doesn't quickly turn deflation into high inflation."

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