Interest rates are set to hit new record low

British Interest rates are set to hit a record low by the end of the week as the Bank of England struggles with a deepening recession.

The Bank’s official rate has never dropped below the current 2 per cent in its 315 year history, but financial experts predict a cut of as much as 1 per cent by Thursday as the Britain faces up to its worst economic year since the early 1990s. Read more