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Rate cutting palooza
European Central Banks cut rates
The Bank of England’s Monetary Policy Committee voted to drop its key lending rate by a full percentage point to 2%. The bank last cut its benchmark rate to that level in 1939, where it stayed until it was hiked to 2.5% in 1951.
"In the United Kingdom, business surveys have weakened further and suggest that the downturn has gathered pace," the Monetary Policy Committee said in a statement announcing the move.
The European Central Bank’s Governing Council slashed its key lending rate by 75 basis points, or three-quarters of a percentage point, to 2.5%. The…
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