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Bank of England Reduces Bank Rate by 1.5 Percentage Points to 3%

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Bank of England News Release

6 November 2008

The Bank of England’s Monetary Policy Committee today voted to reduce the official Bank Rate paid on commercial bank reserves by 1.5 percentage points to 3%.

The past two months have seen a substantial downward shift in the prospects for inflation in the United Kingdom. There has been a very marked deterioration in the outlook for economic activity at home and abroad. Moreover, commodity prices have fallen sharply.

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Lets hope that banks and mortgage lenders pass on the full benefit to homeowners and borrowers. In Australia the former national insitution, the Commonwealth Bank, has been criticised for not passing on the full benefit of a cut in the official base rate. Potential borrowers and banks alike are cautious of borrowing and lending at this time when credit and purses are tight.

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