UK Interest rates slashed to 3%
http://news.bbc.co.uk/1/hi/business/7713006.stm
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.
Mortgage lenders are now under pressure to pass the cut on to borrowers.
But due to the unexpected size of the cut, most banks have not yet decided how much of it to pass on.
"I think it's essential that the banks do pass on the benefit of lower interest rates to people and to businesses," Chancellor Alistair Darling said.
"Banks need to understand that they need to help their customers."
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