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Bank of England cut the base rate to 1%

The bank of England have cut the UK base rate to 1% down from 1.5%. This is the 5th consecutive cut in a row the bank has made. Although on the surface this is welcome news for borrows, it is unclear if lenders will follow the BOE's lead and pass on the saving to customers.

This is the lowest level interest rates have been at for 315 years.

It is yet to be seen if mortgage lenders will follow suit and cut thier SVR's.

5th of Feb 2009

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