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Ernst & Young report anticipates rate cut

The likelihood of a cut in UK interest rates is growing as an independent report anticipates a slowdown in economic growth, reflecting a downturn in consumer spending.

A report published by Ernst & Young&#39s Item club predicts a slowdown in consumer spending growth to 2.5 per cent in 2001 and 2 per cent in 2002 as consumers address their lending commitments. Consumer spending growth in 2000 ran at 3.75 per cent.

The report anticipates a 0.25 per cent cut in the Bank of England base rate this spring, with further rate cuts likely later in the year.

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