Bank encouraged to cut rates


Tue 8th Apr, 16:04:36 BST

There are growing calls for the Bank of England to cut the base rate of interest as soon as possible.

The National Association of Estate Agents (NAEA) has become the latest organisation to call for a reduction.

It believes that the Bank needs to "act fast" in reducing interest rates if it wants to restore confidence to the housing market.

Peter Bolton King, NAEA chief executive, said that action needs to be taken and it needs to be taken quickly.

"There remain strong economic factors in the country like high employment but confidence is a huge issue and only a significant move will restore that confidence and convince lenders and public alike - the Bank of England needs to reduce interest rates and take action fast," he commented.

The Bank''s Monetary Policy Committee is due to announce a decision on this month''s base rate on April 10th.ADNFCR-1143-ID-18542475-ADNFCR


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