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P177 CEEFAX 177 Thu 28 Feb 22:19/05    The Chancellor of the Exchequer has warned the Commons against "exaggerated ideas" about interest rates. Norman Lamont said: "I am not going to take any risks either with the exchange rate or with inflation." He was speaking in the wake of yesterday's anouncement that the Bank of England was cutting lending rates by half a point to 13%. Earlier Treasury Chief Secretary David Mellor said interest rates would be lowered when it was "compatible " with Britain's position in the ERM band. 101 War headlines 130 Gulf military WorldNews Parl'ment GulfIndex WorldNews