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Page last updated at 21:16 GMT, Thursday, 5 March 2009

Mervyn King: We do need action

The Bank of England is to pump £75bn into the system to boost the struggling economy.

The approach, untried in the UK, was unveiled as the Bank cut interest rates from 1% to 0.5% - a fresh all-time low.

Bank Governor Mervyn King told the BBC's Economics Editor Stephanie Flanders why such drastic measures were being taken.

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