Bank rate lowest in its 315-year history

Independent
"The Building Societies Association (BSA), which had campaigned for unchanged rates, said the cut was an "assault on savers", who have now seen their interest payments drop by 83 per cent since July 2007. ...Since the last decision, it has emerged that the UK economy shrank by 1.5 per cent in the fourth quarter of last year - the biggest contraction in almost 30 years.Unemployment has soared, with thousands of jobs being shed across the UK each week. January's figures showed jobless totals jumped by 131,000 in the three months to November to 1.92 million, the highest figure for more than a decade.On top of this, the International Monetary Fund (IMF) has predicted that Britain will suffer more than any other advanced nation in the worst global recession since the Second World War.The Bank of England today said the global economy was in the throes of "a severe and synchronised downturn"."Credit conditions faced by companies and households have tightened further. The underlying picture for consumer spending appears weak," it said."