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Business Briefing / Europe

2 central banks cut interest rates

March 06, 2009|Times Wire Reports

Europe's two leading central banks cut interest rates to record lows to boost their recession-mired economies.

The cuts of half a percentage point by the European Central Bank and the Bank of England took rates down to 1.5% and 0.5%, respectively, as both banks try to stimulate growth amid lower consumer spending, rising unemployment and falling exports from the world economic crisis.

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