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Bank 'might cut rates again'

A further cut to interest rates from the Bank of England is expected later this week.Groups including the British Chamber of Commerce (BCC) believe that the Bank rate will be reduced from its current level of two per cent.The markets have priced in a 50 basis point reduction to 1.5 per cent - which would be the lowest official rate in the Bank's 300-year history.Reducing the Bank rate generally leads to reduced consumer loan rates, providing an economic stimulus.Policymakers have embarked on a strategy of sharp rate cuts in each of the last three months, due to their fears over the UK's current economic slowdown.Speaking to the Sunday Times, David Kern, economic adviser to the British Chambers of Commerce, said: "The rapid worsening in the economic situation and growing fears over rising unemployment reinforce the need for the [Bank] to continue with aggressive interest-rate cuts."

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