Bank of England set to cut interest rates

The Bank of England is widely expected to reduce UK interest rates when it concludes its 100th Monetary Policy Committee meeting on Thursday 4 August.

Forty-three out of 47 economists polled by Reuters last week predicted the Monetary Policy Committee would cut benchmark short-term interest rates to 4.5 per cent from 4.75pc, where they have remained for a year.

The MPC's 100th meeting since its inception comes at a time when there are now unmistakable signs that growth in the UK economy is slow

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