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Central banks lower rates

The Bank of England is one of seven central banks to drop interest rates by 0.5 per cent as further attempts are made to stabilise the global economy.

The UK decision comes a day early and sees rates cut from 5 to 4.5 per cent. Meanwhile, the US Federal Reserve has cut from 2 to 1.5 per cent and the European Central Bank from 4.25 to 3.75 per cent.

The others to cut rates are the central banks of Canada, China, Switzerland and Sweden.

CML director general Michael Coogan says: “Today’s package of bank funding and capital measures is further strengthened by this rate cut. Not only are the tripartite authorities now pulling together decisively to address domestic confidence, but international central bankers are also collaborating much more effectively on their position. All this decisive action augurs well for an improving market situation looking ahead, even though no one is pretending the tough times are over yet.”

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