The Bank of England’s base rate has been cut to its lowest level for over half a century, in a sign that policy-makers are worried that the property market and the wider economy are sliding further into recession. The Bank said its decision followed signs that inflation had fallen in October to an annualised rate of 4.5% and was at risk of undershooting its minimum 2% target as energy and food prices continued to fall and the 2.5% temporary cut in VAT took effect.
See http://www.primelocation.com/news/bank-rate-cut-to-lowest-level-since-1951/