Britain: Recession Fears Are Fading

For seven months British interest rates have been a one-way street--south. Given the Apr. 8 quarter-point cut, the Monetary Policy Committee of the Bank of England has cut its benchmark rate six times since September, from 7.5% to 5.25% (chart). But now, given growing signs that the economy's weakness is bottoming out, the end of the MPC's rate-cutting is coming into sight.

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