The Bank of England faces a chorus of demands to take radical action on interest rates by making a 1 percentage point cut this week to avert the threat of a lengthy recession, according to a report in The Daily Telegraph.
There has not been a cut of this size since the depths of the last recession in 1992. However, experts warned that the bank often acts "too late" and said "boldness" was urgently needed to help businesses, boost the housing market and encourage high street spending in the run up to Christmas. Rate-setters are expected to decide on Thursday to reduce rates again following last month's cut of half a percentage point. An identical cut is widely expected, but economists, business leaders and house builders have joined forces to put pressure on the bank to "get on with the job" by reduc...
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