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Article: Britain lowers key lending rate
- Article from:
- Chicago Sun-Times
- Article date:
- November 6, 1998
CopyrightCopyright 1998 Chicago Sun-Times. (Hide copyright information)
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LONDON Hoping to stave off an economic slowdown, the Bank of
England cut a key lending rate by one-half of a percentage point
Thursday.
Executives welcomed the decision, which marked the first time
the independent bank has cut rates by more than a quarter percentage
point, but London's stock market fell sharply on fears that the bank
believes Britain's economic outlook was gloomier than expected.
"The market presumes that if the bank is prepared to make a cut
of 0.5 percent, they may be more concerned about the outlook than
previously stated," said Peter Hensman, assistant global strategist
at Newton Fund Managers.
The blue-chip Financial Times Stock Exchange 100-share index
closed down ...