CBI calls for Bank rate cut

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Employers' organisation the CBI called for a half-point reduction in November to 4.5%, with more cuts at the start of 2009 to 4%.

Rates have remained on hold at 5% since April as fears over spiralling inflation have trumped concerns about slowing growth.

The call came as the CBI became the latest organisation to warn that the UK economy is shrinking and will continue to contract for the rest of the year.

Bank of England Governor Mervyn King is expected to have to write another letter to the Chancellor Alistair Darling tomorrow, explaining why inflation is still far above the 2% target.

August inflation numbers are released tomorrow.