LONDON (AFX) - The Confederation of British Industry has called on the Bank of England to cut interest rates by 25 basis points. It said the Monetary Policy Committee, which meets later this week, should make a pre-emptive strike against the impact of a slowdown in the global economy. This is the first time since June 1999 that the employers' organisation has called for a reduction in the cost of borrowing. Nick Reilly, chairman of the CBI's economic affairs committee and managing director of Vauxhall Motors, said: "There is a need to boost business confidence at a time of economic uncertainty when firms may be hesitating over investment pans. Taking pre-emptive action now would support the sectors most a risk from a global slowdown, especially manufacturing and tourism." "It is clear that rising UK inflation is now less of a risk. The Bank can afford to make this cut without putting the inflation target in jeopardy," he added.