Interest rate stays at 4 per cent

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The Independent Online

The Bank of England left its key interest rate unchanged at 4.0 percent, the bank announced today.

Manufacturers and other sectors of the economy hit by a slowdown had pressed for further interest rate cuts.

On November 8, the bank reduced its base lending rate from 4.5 percent, its seventh cut this year. The previous cuts were each by smaller one–quarter–point increments.

The bank made no comment on its reasons for leaving the rate unchanged.