The Bank of England cut interest rates to their lowest level ever today (pictured over a 15-year period, right) as it announced a radical programme of measures to stimulate the economy. But Governor Mark Carney (pictured left) forecast Britain will avoid going into a recession following the vote to leave the EU. The Bank's Monetary Policy Committee (MPC) voted unanimously in favour of slashing the rates to 0.25 per cent - the first cut in more than seven years. The new lower rate spells good news for mortgage holders and other borrowers but will heap further misery on savers, who have suffered from the long-term low rates.
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