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Rates 'must be cut by 1%'
Wednesday 5th November 2008Industry experts have called on the Bank of England to slash interest rates by one per cent.
According to a new poll from New Star and the Observer newspaper, business leaders expect a reduction of at least 0.5 per cent and possibly one of one per cent from the Bank this week.
This follows the policymakers' decision to cut 0.5 per cent off the rate last year, in a bid to stimulate the economy.
Cutting lending rates, it is hoped, will encourage people to spend more - thereby stopping the UK's GDP from shrinking.
However, with the credit crunch still taking its toll, the experts feel that drastic rate reductions are the only way of achieving this goal.
Steve Radley, chief economist at the Engineering Employers' Federation, said: "A full-point cut is needed to prevent the [economic] downturn from gathering pace."
Deep rate reductions were also called for by Graeme Leach at the Institute of Directors and Richard Lambert at the Confederation of British Industry.
The Bank's rate currently stands at 4.5 per cent.
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