Bank of England cuts rates by 1.5 per cent - Update
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Published
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Thu, 06 Nov 2008 08:39
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London - The Bank of England Thursday unexpectedly cut interest rates by as much as 1.5 percentage points to 3 per cent in the bank's biggest single reduction ever, the bank said. The measure was welcome by business leaders who had been urging Britain's central bank to opt for a significant cut, but the decision taken by the bank's Monetary Policy Committee exceeded expectations. It came amid reports of a further drop in house prices last month and a sharp drop in car sales in October.
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