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BOE To Cut Rates And Boosts Money Supply

BANK of England Governor Mervyn King said the United Kingdom is in a "deep recession" and vowed to cut interest rates and increase the supply of money in the economy.

"Further easing in monetary policy may well be required," said King in London after presenting the central bank's revised quarterly forecasts. "That is likely to include actions aimed at increasing the supply of money in order to stimulate nominal spending."

The BOE forecast the UK will shrink at an annual 4 percent rate by the end of the first quarter, Bloomberg News said.


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