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UK interest rates set to fall to lowest level on record

With UK interest rates set to fall below 2% this week this will officially be the lowest base rate in the 300 year history of the Bank of England. This perfectly illustrates the serious nature of the downturn in the UK economy and the government has again insisted that rates need to fall, at least in the short term, to try and kick-start an economy which is literally falling to its knees once again.

The hope is that a reduction in interest rates will see more investors look towards the likes of the property market, which is a vital element of the UK economy, and instil more confidence into this arena. This should hopefully increase confidence in other areas of the economy and finally see the UK rise again after a very difficult 12 months. Gordon Brown has also reiterated the fact that his recent multibillion pound bailout of the financial sector is still on course for success although this will take a little longer than originally anticipated.

If you think of the UK economy as a large boat on the ocean it can take a prolonged period of time for movements and initiatives to change the course of the vessel.

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