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Rate cut to 5.50%
Having faced one of its toughest reviews in the past decade the Monetary Policy Committee (MPC) today cut UK interest rates by 0.25% bringing it down to 5.5%.
The decision taken has been particulary hard due to concerns about inflation and the impact that may be felt on price growth as a consequence.
The news however will be welcomed by homeowners on variable rate mortgage deals as they can look forward to reduced payments in the early part of the new year.
