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Wednesday, February 20, 2008

Rate cut decision was unanimous

The Bank of England's Montary Policy Committee today published the minutes of their last meeting . The results could hint at further interest rates to come.

They reveal that 8 out of the 9 members voted in favour of an interest rate cut. 1 member even voted in favour of a 0.5% drop.

Further reductions in interest rates could follow to boost the ailing economy although the threat of inflation still looms.

Interest rates are expected to be around 5% in April or May this year with the timing of any cuts dependant on the weakness of any economic data that is published between now and then.

Interest rates are also expected to be lower again by the end of the year at around 4.5% and could fall to 4% in early 2009.

Interest rate in the UK are currently 5.25%

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