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Interest rates cut to 0.5%

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The Bank of England’s Monetary Policy Committee today voted to reduce the official Bank Rate paid on commercial bank reserves by 0.5 percentage points to 0.5%

This move was expected by most anaylsts who remain cautious as to the actiual effect on the property market. Banks and lenders are still slow to pass on any benefit in rate cuts to mortgagees and new mortgage deals.

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