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This is Money
The Bank of England's Monetary Policy Committee is set to announce its second interest rate cut in as many months today after increasingly dire warnings about the health of Britain's economy. The MPC is widely expected to cut interest rates by at least 0.5 of a percentage point, which would bring the base rate down to 4 per cent, but the nine-strong panel is meeting amid calls for an even more dramatic cut in the cost of borrowing.
Pressure grows for dramatic rate cut
The threat of a deep and prolonged recession mounted yesterday as bleak figures showed services industries shrinking at a record rate and manufacturing suffering its longest stretch of falling output since 1980.
Deep and lengthy recession takes shape as UK output figures shrink
Investment banks at the heart of the unregulated credit derivatives industry have hit out at claims this fast-growing and opaque market has played a major role in fuelling recent financial turmoil around the world.
Banks hit back at derivatives criticism
The IMF board on Wednesday approved a $16.4bn bailout package for Ukraine intended to stabilise the countrys banking system and mitigate the impact of a collapse in the price of steel, one of its biggest exports.
IMF approves $16.4bn Ukraine loan