Rates cut amid warning of a 'severe and synchronised' downturn
Updated on 05 February 2009
The Bank of England base rate is cut by half a per cent to stand at just 1 per cent, the lowest level ever, as Faisal Islam reports.
The Bank of England today warned of a "severe and synchronised" economic downturn spreading across the world.
But with rates now heading towards zero, attention is switching to what else the bank can do to keep boosting the economy.
