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The Spanish Eye

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Bank of England unanimous in coordinated rate cut: minutes
22 October 2008 @ 23:59

The nine-member Monetary Policy Committee of the Bank of England voted for this month's cut of coordinated global emergency 50 basis points in interest rates, the minutes showed on Wednesday for its meeting on October 8.

Governor Mervyn King informed the eight other policy makers on the deliberations of a movement coordinated with other central banks including the U.S. Federal Reserve and European Central Bank, and then invited them to decide on joining the action .

Most analysts expect a further cut in interest rates next month.

However, he emphasized that the record is not clear how far and fast fall borrowing costs, while the pound regained ground after the minutes were released.

"There are no clues, nor the records nor Mervyn King's speech last night on the size of any future relief," said Philip Shaw, chief economist at Investec.

After touching their minimum five years of 1.6203 dollars the previous day, sterling fell to 1.6387 U.S. dollars losses.

The report found that the financial market turmoil and economic data for the month show a sharp deterioration in the outlook for the economy, in which the prospects of inflation rose strongly to the downside.

Most analysts expect the central bank will cut rates again in November because of the slowing economy and the magnitude of the problems in the financial sector since the collapse of U.S. bank Lehman Brothers in September.


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