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English rates have fallen to their lowest level since 1939 as the Bank of England battles recession.
With a reduction of 100 basis points the official cash rate now sits at just two per cent.
The BoE said business surveys suggested the country’s downturn had gathered pace and commented that consumer spending, business investment and residential investment had all continued to stall.
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The British central bank already slashed the cash rate by 150 basis points last month, and has now made reductions totalling 375 basis points since December last year.
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