Business leaders welcome rate cut
Business leaders have welcomed the Bank of England's Monetary Policy Committee's (MPC) decision to cut interest rates by a quarter of a percentage point to 5.5%.
The MPC cut the cost of borrowing amid growing signs the economy is starting to slow.
The Confederation of British Industry (CBI) said it hoped the decision would help to stabilise the money markets.
The British Chambers of Commerce (BCC) said the MPC had shown "commendable flexibility" and had made the correct decision.
The British Retail Consortium (BRC) said the cut must be the first in a series to avoid a recession next year.
