Low growth and rising prices - it's looking gloomy for the UK

Another cut in interest rates, and the surprise here was that more consideration was given to a bumper half a percentage point cut in rates today, as the UK's economic stagnation is forecast to extend into the first part of this year.If everything was equal, the assumption would be that the weak economy would now lead to further gradual cuts this year, bringing interest rates down to 4% or lower by the end of the…