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<td align="RIGHT"><b><font size="1" color="#FFFFFF">Business zone </font></b></td>
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<p><b><font size="1" color="#FFFFFF"><a href="../../kensington/businesszone/"> </a></font></b><b><font size="1"><font color="#FFFFFF"><b><font size="1">
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<td colspan="2"><font color="#FFFFFF" size="1"><b><font size="1" color="#FFFFFF">Business
zone - E: <a href="mailto:andrew@myvillage.co.uk">andrew@myvillage.co.uk</a></font></b></font></td>
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<td colspan="2" height="14"><font size="1" color="#FFFFFF"><b><font color="#FFCC00" size="1">London
Business Feature: </font><font size="1">Rate cut stuns City</font><font size="1" color="#FFFFFF">
</font></b><font size="1" color="#FFFFFF">-<b> 03/08/01</b></font></font></td>
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<p><font size="1"> City pundits were in disarray yesterday as the
bank of England's monetary policy committee cut interest rates by
a quarter percent in the face of all predictions, putting them at
their lowest level since August 1999. </font></p>
<p><font size="1">Major mortgage companies followed suit by cutting
home loan rates in a move which will please Britain's millions of
homeowners. Major lenders, including Virgin One, HSBC and the Halifax,
were all quick to announce cuts in their mortgage rates. Repayment
rates now stand at their lowest since 1963.</font></p>
<p><font size="1"> Yesterday's cut was designed to strengthen business
confidence and economic activity in the face of a flood of profit
warnings and job cuts in industry. The Stock Market reacted by boosting
share prices although by the end of the day they had fallen back
to reflect only a modest gain. </font></p>
<p><font size="1">A Bank spokesman said that "The Committee decided
to reduce interest rates in order to keep inflation on track to
meet the 2�% inflation target in the medium term." Analysts believe
that the Bank has made the cut to try and protect manufacturing
industry which has been hit hard by the strong pound and the global
economic downturn. </font></p>
<p><font size="1">Many commentators have been pointing to the dangers
of Britain's two-speed economy with the housing and retail sectors
booming while manufacturing is already gripped by what looks very
much like a recession. </font></p>
<p><font size="1">Whether this interest rate cut will be enough to
protect Britain's economy from sliding into a full-blown recession
remains to be seen. And there are dangers. The housing market could
be at risk of over-heating and collapsing while levels of consumer
credit are running at historically high levels. </font></p>
<p><font size="1">There's one other thing to remember: not everyone
takes delight in lower interest rates. To those like pensioners
on fixed incomes from savings and investments lower interest rates
mean less disposable income.</font></p>
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