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Call to pray for financial decision-makers as base rate reaches record low

by Aaron James

Revd Peter Ould, a banking risk consultant and vicar, was speaking after the Bank lowered its interest rate from 0.5% to 0.25%.

The Bank's base rate dictates the amount of interest it charges to the high street banks for the money it issues, which in turn affects the rates at which ordinary customers can borrow money and how much interest they get on their savings.

Speaking on Premier's News Hour Peter Ould said: "There is a lot of politics involved, that means there's a lot of... pride and egos involved.

"We know that in Jesus we're called to lay those things down and look for the benefit of our common man and woman.

"We should be praying for people in power... to have wisdom, to do the best for the country."

Bank of England chiefs led by governor Mark Carney (above) decided to cut rates, and deliver an emergency package worth up to £170bn, to help the UK avoid a recession after the vote to leave the European Union.

They believe the measures will see the UK avert recession, despite lowering its growth prediction for 2017 from 2.3%, which it forecast in May, to 0.8%.

Revd Peter also explained how the base rate cut would affect ordinary people.

Listen to his answer on the News Hour:

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