The Bank of England's Monetary Policy Committee has cut the Bank Rate paid on commercial bank reserves by 50 basis points to 1.5%, citing among other things a deterioration in the outlook for residential investment and tighter credit. "The outlook for business and residential investment has deteriorated. And the availability of credit to both households and businesses has tightened further, pointing to the need for further measures to increase the flow of lending to the non-financial sector," the BoE said.
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