The cut to the base lending rate from the Bank of England was expected. It's now down to 4.5 per cent from 4.75.
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What wasn't expected was its gloomy forecast for growth, meaning we could be skirting very close to recession right now.
And there's a warning of a nasty surprise with inflation.
We’ve been in Bristol hearing from a small business about how confident they’re feeling about the economy.
Economy: Interest Rates Cut But UK Growth Forecast Slashed For Country: United States. City: Cincinnati, Corpus Christi, Fairfield, Joliet, St. Petersburg
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