Interest rates cut to 1.5%

The Bank of England has announced it will cut interest rates by a further 0.5 per cent, taking them to their lowest level for more than three centuries.

Struggling companies and employees may be disappointed in the move, hoping for a more radical cut of one per cent, reports the Times newspaper.

Many people worried about their income during 2009 may want to learn how to earn extra money by attending a free stock market seminar.

In recent days, experts have warned that the economy could see its worst year since 1946.

The chancellor of the exchequer Alistair Darling said the UK was "far from through" the recession.

He commented: "This is going to be difficult. There are going to be some tough calls."

The Bank of England also warned that "output is likely to continue to fall sharply during the first part of the year".