Economy may slide further OECD warns - papers 28 September

Interest rate cuts may soon be needed to shore up Britain’s growth as financial turmoil combines with the toll on the high street and housing market from past rate increases, the Paris-based think-tank for rich nations said. Despite a robust showing by the economy so far this year, the Bank of England should now be ready to act to underpin activity, the OECD argued, as a spate of new figures showed further signs of worsening prospects. THE EUROPEAN CENTRAL Bank lent €3.9bn (£2.7bn) at its penalty rate on Wednesday, signalling that money markets may still not be providing enough fundin...