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The Bank of England, along with 5 other central banks have cut their interest rates on Wednesday 8th October by half a percentage point as an attempt to stable the stumbling global economy.

The impulsive verdict, a day earlier than expected came as the Treasury announced a £50 billion bail-out of the banking system.

Switzerland, Sweden, US Federal Reserve and Canada, and the European Central Bank, are acting alongside The Bank of England in cutting rates. The move will reduce mortgage rate payments for many people in England and thr EU, and is a welcome bit of news in the current economic climate