Interest rates drop to a record low level Article Published: 23:53 06/02/2009 Article Classification: United Kingdom
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The decision by the Bank of England to cut UK Bank Rate by half a percentage point, takes the official rate to a new record low of just 1.0%.

As interest rates edge closer towards zero, the use of unconventional monetary policy looms ever larger, but financial commentators including HSBC expect that the Bank Rate will fall further in the coming months.