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UK Interest rate falls to 1%

Hitting all time lows, the Bank of England has lowered interest rates to 1% (down from 1.5%). As Gordon Brown tried to encourage banks and building societies to lend out more money, this marks the 5th rate cut in less than 5 months. Last October the rate stood at 5%. The UK economy fell half a point between July and September, and by more than a point during November and December (ONS Stats).   The...