CML welcomes interest rate cut

The Council of Mortgage Lenders welcomes the half-point cut in interest rates announced today by the Bank of England. CML director general Michael Coogan said: "Today's package of bank funding and capital measures is further strengthened by this rate cut. Not only are the tripartite authorities now pulling together decisively to address domestic confidence, but international central bankers are also collaborating much more effectively on their position. All this decisive action augurs well for an improving market situation looking ahead, even though no one is pretending the tough times are over yet."