
The Bank of England has made a shock one-and-a-half percentage point cut in UK interest rates to 3%, the lowest level since 1955.
The size of the cut - the most dramatic since 1981 - signals the Bank's concern the UK is heading for a long recession, the BBC's economics editor says
They have done the right thing. All power to them. On the radio they were speculating about a half percent cut. What good would that have done?
The Bank could have gone further, but hey, this is Britain. The home of conservatism. Any more and there would have been mass faintings in Threadneedle Street.
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