Bank of England slashes key rate to 3% from 4.5%

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November 6, 2008

Bank of England slashes key rate to 3% from 4.5% November 6th, 2008 LONDON (MarketWatch) — The Bank of England slashed its key rate to 3% from 4.5% Thursday, in an unexpectedly large move. Markets had largely factored in a cut as large as 75 basis points, while most economists had expected half-point cut. The move by the bank’s nine-member rate-setting Monetary Policy Committee follows a decision last month to join in a global round of rate cuts by major central banks. That decision saw the
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