The Bank of England has been tipped to implement a one per cent cut in interest rates today.

Barclays Stockbrokers carried out a poll of investors in order to see what they expect the monetary committee (MPC) to do during its next monthly meeting.

More than half said interest rates need to be cut by a full percentage point, while one in four said a 0.5 per cent reduction could be required.

Meanwhile, only five per cent said they expect interest rates to be cut by 0.25 per cent.

Commenting on the findings, Barbara-Ann King of Barclays Stockbrokers said: "The majority of the respondents to this poll believe decisive action needs to be taken by the MPC to help the economy."

Meanwhile, the Council of Mortgage Lenders has stated that lenders are not passing rate reductions to customers because it does not make "commercial sense"in the current financial climate.
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