Central banks cut interest rates.

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Central banks cut interest rates

The UK rate move - which had not been expected until Thursday - puts the interest rate at 4.5% from 5%.

The US Federal Reserve has cut rates from 2% to 1.5% and the European Central Bank (ECB) trimmed its rate from 4.25% to 3.75%.

The unprecedented step is aimed at steadying a faltering global economy and slumping stock markets.

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source: 08 october, BBC Business News