UK INTEREST rates were today cut to 5% by the Bank of England.

The quarter of a percentage point reduction had been expected as the Bank's Monetary Policy Committee (MPC) has come under pressure to cut the base rate following the biggest fall in house prices for 16 years.

Figures from the Halifax yesterday showed that UK house prices fell by 2.5% in March - a devaluation of almost £5,000 for a typical property, and today's MPC decision will be seen as some relief to borrowers feeling the effects of the credit c......for the full story register now for free or login below...