UK interest rates set to hit new low

Interest rates are set to hit a record low this week as the Bank of England grapples with a deepening recession.

Interest rates in Britain are set to hit a record low this week as the Bank of England grapples with a deepening recession.

The Bank's official rate has never fallen below the current 2% in its 315-year history, but experts predict a cut of as much as 1% on Thursday as the UK faces up to its worst year since the early 1990s.