The Bank of England’ s monetary policy group has slashed the official bank rate paid on commercial bank reserves by 1.5% points to 3%.

The Bank of England has reduced interest rates by a lot more than anyone had anticipated.

The last two months have seen a large downward shift in the outlooks for inflationary figures in the United Kingdom.

There has been a very marked decline in the position for financial activity at home as well as overseas.

In addition, commodity prices have decreased sharply.

Since mid-September, the global banking system has experienced its most serious disruption for almost a century.