OECD advises UK to cut rates

The UK should lower interest rates, the Organisation of Economic Cooperation and Development (OECD) has said.

In its 2007 survey of the UK economy, published on Thursday, the OECD said: "Although indicators of economic activity have been robust in 2007 to date, there is now a risk that growth will be weaker going forward, which could imply a need for interest rate reductions."

The organisation predicted that rate hikes made earlier in the year, together with the recent money-market conditions,

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