The Bank of England reduces interest rates to 1% from 1.5%

05 February 2009

The Bank of England has reduced interest rates to 1% from 1.5% in an attempt to boost the slowing economy.

This marks the fifth interest rate cut since October, as the Bank seeks to encourage more lending.

The decision comes after official data showed the UK had entered a recession in December, after two quarters of shrinking economic growth.

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