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Bank of England cuts rate by 0.25 per cent

The Bank of England monetary policy committee today cut its base rate by 0.25 per cent to 5.5 per cent.

The cut was widely expected by the markets against a background of fears over the US economy. The Bank of England last cut rates in February, also by 0.25 per cent.

Nationwide and HSBC say they will pass on the full 0.25 per cent cut to their mortgage customers.

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