Mervyn King, the governor of the Bank of England, gave warning last night that the UK economy faced its toughest period in more than a decade during 2008.
Analysts are still expecting a rate cut in February, but it is not anticipated the Bank of England will follow the example set by the US Federal Reserve, which yesterday slashed interest rates by three-quarters of a point to 3.5%, the largest single cut for 26 years.
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