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Bank of England cuts rates to record low of 1 pct.

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[February 05, 2009]  LONDON (AP) -- The Bank of England has cut its key interest rate by a further half percentage point to a new record low of 1 percent. The decision was widely expected as the central bank attempts to get the British economy back on the rails.

DonutsFigures recently confirmed that Britain is experiencing its worst recession since the early 1980s. The economy saw output plummet by a massive 1.5 percent in the fourth quarter of 2008.

Further interest rate reductions are anticipated from the Bank of England in the coming months. It has also hinted that it may start to expand the money supply once interest rates fall to, or near, zero percent.

[Associated Press]

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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