Bank Of England Cuts Interest Rates to 4.5%
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The Bank of England has cut UK interest rates by quarter of a percent to 4.5%. The Bank cited slowing household spending and investment growth and fears that it could slow even further. A stagnant housing market was also noted. The cut is the first since August 2004. The European Central Bank meanwhile kept the Eurozone interest rate unchanged at 2%. Banks and mortgage lenders, quickly cut their loan rates. The UK mortgage market is extremely competitive.
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