A half point cut is not enough, says TUC

Commenting on the half percentage point cut in interest rates, TUC General Secretary Brendan Barber said:
'While we welcome the international co-ordination that has brought simultaneous cuts in the UK, Europe and the USA, a half per cut is simply not enough.
'The inflationary threat is melting away, and the question now is how deep and long the slowdown will be.
'A deep cut in rates would not simply provide important help to businesses and mortgage payers, but also help end the financial crisis as it would make risky and insecure loans much more likely to be repaid.
'The Chancellor was right to remind the Bank that they have a remit to back government economic policy. A half per cent cut is not enough to support today's finance package.'