Business News
Bank of England cuts interest rates to new historic low
Feb 5, 2009, 11:04 GMT
London - The Bank of England (BoE) Thursday cut interest rates to an historic low of 1 per cent in a further attempt to stimulate the economy and stave off a deepening recession.
The bank's decision to cut borrowing costs by 50-basis-points follows monthly rate cuts since last October, when the key lending rate in Britain stood at 5 per cent.
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