Economy: Interest rates cut but UK growth forecast slashed

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.