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Interest rates cut to 3%

Bank of England

The Bank of England has cut interest rates from 4.5% to 3%.The shock move represents its lowest rate since 1955.

Last month it cut rates from 5% to 4.5% to ease financial pressures on the economy.

At the time of last month’s rate lowering, Sue Robinson, director of the Retail Motor Industry Federation (RMIF), said: The Bank of England’s decisions is positive news for the economy, and will hopefully rebuild customer confidence.

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