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MONDAY, NOVEMBER 23, 2009
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Bank of England Cuts Interest Rate

Bank votes quarter-point cut to 5% as downward pressure mounts

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(Newser) – The Bank of England today cut its benchmark interest rate 25 basis points to 5%, reports Bloomberg, hoping to keep the nation’s economy out of recession. Despite the third cut since December, BoE’s rate remains the highest among the Group of Seven industrialized nations; policymakers have drawn fire for being “behind the curve” in responding to the credit crisis.

Bank of England Governor Mervyn King arrives at 10 Downing Street in London.
Bank of England Governor Mervyn King arrives at 10 Downing Street in London.   (Getty Images)
The Bank of England headquarters in London. England's central bank lowered its rates as a result of signs that the economy is slowing.
The Bank of England headquarters in London. England's central bank lowered its rates as a result of signs that the economy is slowing.   (Getty Images)
The Bank of England headquarters in London. England's central bank lowered its rates as a result of signs that the economy is slowing.
The Bank of England headquarters in London. England's central bank lowered its rates as a result of signs that the economy is slowing.   (Getty Images)
The Bank of England headquarters in London. England's central bank lowered its rates as a result of signs that the economy is slowing.
The Bank of England headquarters in London. England's central bank lowered its rates as a result of signs that the economy is slowing.   (Getty Images)
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