BoE slashes interest rates by 1.5%

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The Bank of England has slashed interest rates by a further 1.5% to boost Britain's ailing economy.

Following an emergency 0.5% cut in October, the Bank’s Monetary Policy Committee (MPC) has taken drastic action again as its focus switches from inflation to recession. Britain’s basic rate of interest now stands at 3%, but it is unclear how much impact this will have for households and businesses. The Council of Mortgage Lenders (CML) has already said its members are unlikely to pass on the rate cut to borrowers. In a statement issued last night, the CML said: “It is important to allow for the fact that in the post-credit crunch environment, where Government and regulators expect lender...

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