17 Nov

Brown in new rate cut hint

Brown in new rate cut hint

Prime minister Gordon Brown has said it is possible that there can be more interest rate cuts through co-ordinated international action.

Speaking prior to the G20 summit in the US, Mr Brown stated that this could be done along with agreements by governments to spend more and lower taxes.

He stated: "It is now becoming increasingly accepted around the world that a temporary and affordable fiscal stimulus is necessary."

Another rate cut could see the cost of mortgages lowered further.

The Bank of England was involved in a concerted international move to cut rates by 0.5 per cent last month, a decision that was followed by this month's 1.5 per cent cut.

Clues about whether there will be more rate reductions soon may be contained in the minutes of this month's meeting, which are due out on Wednesday.

This will include details of how each monetary policy committee member voted.ADNFCR-1222-ID-18880061-ADNFCR

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