Chris Blackhurst: Joy will be short-lived

So too, have shoppers, judging by the crowds flocking into Marks & Spencer today for another of their 20 per cent one-day sales.

It's hard, though, not to think that this is a short-term fix.

The sense of euphoria the Bank of England, M&S and others hope we enjoy is not a permanent solution. We may feel a bit better now, but are we really? One group definitely not cheering are savers (perhaps that explains the number of old folk piling into M&S. They haven't got mortgages, the rate cut harms not helps them, so what the hell, they might as well spend it). This rate cut may give us a lift in the run-up to Christmas but it will not last.

Likewise, the sales of M&S and its rivals. Come the new year, when job cuts have started to bite, the mood will be very different.

Our economy is in a bleak space - you only have to look at the falling pound to see what the rest of the world thinks. The days when manufacturers could at least derive some benefit have long gone. We import much of what we consume and the pound is buying less.

Every time, too, the Bank behaves in this fashion, it's difficult to avoid a queasy feeling. From not having done very little for years - apart from encouraging people to borrow up to the hilt - it is now lashing out. There's a sense of institutional panic, which only weakens confidence.

What it will take is patience. The world is in recession, not just Britain. Bigger economies than ours have to turn. American property prices must recover, factories across the globe have to begin humming again. When that happens, Britain will pick up. All we can really do is wait.