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Gordon Brown calls on Bank of England to reduce base rates yet further

Gordon Brown has put himself in the rather awkward situation of seemingly trying to dictate the monetary policy of the Bank of England with a call for further UK base rate cuts in a speech in America. This is the first time for many years we have seen a UK prime minister openly call for the Bank of England, which is supposed to be independent from the government of the day, suggesting that base rates need to fall further as soon as possible.

Many economic experts have interpreted this announcement by Gordon Brown as a way to exert more pressure on the Bank of England to come more into line with the UK government's policy of spend and interest-rate reductions. Gordon Brown has put Bank of England in a very difficult position because if they do drop UK interest rates in the short term they could been seen to be following the lead set by Gordon Brown and if they do not they will receive severe criticism from those suffering in the UK.

It will be interesting to see how the Bank of England monetary policy committee react to this call by Gordon Brown.

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