Press Release Summary: Next rate cut likely in February
Press Release Body: London (Loans-Bazaar) December 10, 2007: A poll by Reuters predicts that the Bank of England may again cut the base rate of interest early next year.
In the latest Reuters survey, 55 out of 62 economists predicted that the interest rate may fall again by the end of the first quarter next year. 44 out of 61 economists forecasted interest rates at 5.0 per cent or lower by the mid-2008.
Last week, the Bank of England reduced the interest rate by 0.25 per cent after several polls and surveys indicated a slowing British economy. The pressure was mounting on the UK's central bank to reduce interest rates. The Organisation for Economic Co-operation and Development had earlier urged the Bank to cut rates to stop an economic slowdown.
The U.S. Federal Reserve has twice reduced the rates to boost the U.S. economy. It is widely expected that the rate may be reduced again by the Federal Reserve in the next week.
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