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The Bank of England’s Monetary Policy Committee reduced interest rates yesterday by 0.25 percentage points to 5.25 per cent due to moderating consumer spending and slowing output growth.
The Council of Mortgage Lenders (CML) welcomed the cut in interest rates but warned consumers that the cut may not translate into reductions in mortgage costs due to the recent rise in funding costs for lenders.
"Borrowers should not expect that a base rate reduction will automatically result in a cut in standard variable rates or discounted rates across the market,” director general of CML Michael Coogan said.
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