The Bank of England's Monetary Policy Committee (MPC) has voted to cut interest rates by a quarter of one percent, taking Bank rate from 5.25% to 5%.

This is the third rate reduction since December and comes on the back of the worsening credit crisis and a deterioration in the state of the economy over the last few weeks. Clare Francis reports...

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How does the interest rate cut affect you? Does it go far enough or would you have preferred to see a bigger reduction? Or is it all just too little, too late. Click reply to have your say.