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The Bank of Engalnd cuts interest rates to lowest level everThe Bank of England has cut interest rates to 0.5% this is the lowest level in the 315 year history of the bank. The current Uk base rate now stands at just 0.5%.
On the same day the Mr King (Governor) also anounce the printing of £75 billion of new money to inject into the enconomy.
Mr King insisted that the prining of new money was not an expererment and he was confident over the long term these measures would work to ease the credit markets in the UK. The reality of the situation is that Mr Kings plan is not stand alone but depends in part on what the other central banks anounce over the comming months.
Few mortgage lenders are expected to pass the cut on to borrowers except for those on tracker mortgages.
The last 4 weeks has seen an increase in the number of mortgages comming onto the market at higher loan to value ratios.
13 Feb 09
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