The Prime Minister has called today’s half a percentage point cut in interest rates by the Bank of England an “essential part” of the action that needs to be taken to deal with the economic downturn.
The PM said that the rate cut would combine with Government measures such as a rise in child benefit, Spring income tax cuts and increased public investment to help create jobs and “move the economy forward”.
Speaking on a visit to Liverpool as part of a three-day regional tour, the PM said he wished to give “real help to people in Britain now and real hope for the future”.
Today the Bank of England cut the cost of borrowing to 1.5 percent, the lowest base rate in its 300-year history.
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