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Monetary Policy Committee may cut rates to below 1%
Economists are suggesting that the best way to ensure against a full blown financial crises that would cripple the UK’s economy further, would be to lower the Bank of England base rate even further. The rate is currently 4.5 per cent after a lowering of .5 per cent this month. Even though the Government has part nationalised some banks and pumped £billions in to the banking system, there is still little movement in the inter bank lending market which has caused a severe lack of funds available to the general public for mortgages and loans.
A lowering of the interest rate would be a further blow to Britain’s savers who have seen the return on their funds in banks and building societies shrink over the past 16 years.
The hope is that the cut in interest rates could prevent the growing threat of unemployment which has seen a leap of over 30,000 more out of work over the past month and the rise in inflation which has risen steadily although has decreased slightly of late as food and oil prices have dropped.
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