BANK BASE RATE Definition

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BANK BASE RATE is the annual interest rate on which British banks calculate lending charges (minimum lending rate).

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ABSORB is to assimilate, transfer or incorporate amounts in an account or a group of accounts in a manner in which the first entity loses its identity and is "absorbed" within the second entity. For example, see ABSORPTION COSTING.

REFURBISH is to renovate or clean up.

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