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Can someone help me with a "simple" economics topic?

I am writing a paper for my economics class (I am in college) but I am having a difficult time grasping some of the concepts. In the paper I am analyzing why the Bank of England is cutting their interest rates so that they can keep inflation at about 1 or 2%.

I'm just looking for a simple answer as to how/why the government is doing this and will other parts of the economy be affected?

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