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Bank of England cuts interest rates to 5 percent
In a decision driven in no small part by the ongoing effect of the global credit crunch, the Bank of England's monetary policy committee has cut interest rates by a quarter of a point to 5%.
The decision is the third cut in the past five months and takes the Bank rate to its lowest in more than a year.
The MPC issued a statement saying it had cut rates despite rising inflation because of the deteriorating situation in credit markets and a worse outlook for economic growth.
