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Growth

English rates slashed to lowest level in over 50 years

by Staff Reporter3 minute read
The Adviser

The Bank of England has slashed the official cash rate by 150 basis points in a bid to soften the impact of the “most serious disruption” to the global banking system in almost a century.

The reduction brings the British cash rate to just three per cent – the lowest level since 1955.

“There has been a very marked deterioration in the outlook for economic activity at home and abroad,” the Bank said in a statement released overnight.

The reduction follows a 50 basis point cut just last month.

Published: 07-11-08

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