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Speculation grows on further interest rates cut

Speculation has been mounting that further interest rate cuts will be announced by the Bank of England, after minutes from its previous meeting on cuts were released.They reveal that the Bank's nine-member committee considered making a larger cut than the 1.5 per cent reduction which took the rate to a 50-year low of 3 per cent.Research by the Bank indicated that a rate of 2.5 per cent or lower would be required to get inflation in line, but the committee felt it would be too large a reduction to make at once."Some members thought there was an argument for leaving some of the required policy loosening to the months ahead to support confidence as the economy weakened," the minutes read.Figures in the financial world have suggested this is proof of further cuts."It's confirming that we're going to see more rate cuts from the Bank of England, and more aggressive rate cuts," Audrey Childe-Freeman from Brown Brothers Harriman told the BBC.

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