Page last updated at 05:23 GMT, Tuesday, 7 October 2008 06:23 UK

Central banks cut interest rates

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The US Federal Reserve, the Bank of England and the European Central Bank have all cut interest rates by a half point, in a surprise co-ordinated move.

However the International Monetary Fund has issued a stark assessment of the world economy and the US Treasury Secretary has warned of more possible bank failures.

Greg Wood reports from Washington.

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