Bank begins rate cut discussion

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The Bank's Monetary Policy Committee (MPC) is widely expected to cut the cost of borrowing by a quarter point to 5% when it announces its decision on Thursday.

It would be the third rates reduction since December as the Bank seeks to combat the effects of the credit crisis on the wider UK economy.

Households caught in the fall-out from the global credit crunch have already been hit by a clampdown on borrowing as lenders struggle to secure funds in wholesale money markets.

A raft of mortgage providers have pulled deals and increased rates to cope with the crunch, which is impacting both the housing market and retail sector.

Tuesday's latest figures from Halifax Bank of Scotland confirmed that the property downturn is well under way - it revealed a 2.5% drop in prices last month, which was the biggest monthly fall since 1992.

And accountants Grant Thornton said on Monday that the house price woes were knocking consumer confidence, with stock-market listed retailers suffering their worst quarter in two years.

The Confederation of British Industry is set to reiterate calls for the MPC to trim rates to help businesses and consumers impacted by the credit squeeze.

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