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Britain cuts its interest rate down to 315-year low

Fri, 06 Feb 2009 15:15:00

LONDON: Britain fighting global slowdown has cut its interest rate down to 315-year low.

Bank of England, the British central bank compelled by the deteriorating economic situation has further lowered its interest by 50 basis points to 1 percent, which aims at facilitating cheap loans for restoring the confidence of the investors and encouraging new investment to give a boost to precarious employment situation..

EU central bank retaining the interest rate unchanged to 2 percent hinted that one more cut could be seen in March.

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