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Apr 10: Bank of England cuts rate to 5%

Apr 10: The Bank of England has cut interest rates in the UK from 5.25 per cent to 5 per cent as it tries to stop the spread of problems in financial markets to consumers and corporate borrowers. Norma Cohen, FT economics correspondent, explains the bank's thinking and what to expect in coming months. She highlights a worrying trend of divergence between official base rates and the actual rates banks charge each other and their customers.