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Bank of England&#39s rate cut spells misery for investors


The Bank of England&#39s decision to reduce interest rates by 0.25 per cent means further misery for savers.


Many banks and building societies such as Nationwide and Halifax have yet to decide whether to follow suit, announcing that they intend to review both savings and lending rates.


But Virgin Direct and Abbey National reacted immediately cutting lending and savings rates.


Virgin who announced a 0.25 per cent cut in mortgage rates has decided to slash 0.5 per cent off its savings rate, while Abbey National has guaranteed its rates cut will be no more than 0.1 per cent.

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