The Bank of England's Monetary Policy Committee has again decided to cut the _base_ rate by a further 0.5% to a new all time low of 0.5%.

The chief economist of the Confederation of British Industry (CBI), Ian McCafferty comments "With interest rates already at historic lows, the conventional rate cutting tool is becoming less and less effective as a means of stimulating the economy" and "it is unlikely to have a dramatic impact on the cost or availability of credit"

His viewpoint echoes many who believe the rate cut is no longer beneficial and instead simply harms savers.

This is the 6th consecutive rate cut sine October 2008 yet mortgage loan figures are still at an all time low..