Britain’s second largest bank, the Royal Bank of Scotland (RBS), has said it will guarantee interest rates on business overdrafts for the next twelve months at least.

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The country was taken by surprise today by the decision of the Bank of England to make a dramatic cut in interest rates.

The base rate was slashed by 1.5 percentage points to 3%. This is the largest single cut it has made since it was made independent from the Treasury in 1997,  and the rate is now at its lowest since the early 1950s.

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