Face it. We over extended the boom years and now the recession we are facing is exaggerated. Stop manipulating the markets and economy, recapitalise individuals not business. Without bolstering the consumer, the recession will be deeper and longer. Many of these businesses are poorly run anyway.

Vernon Butcher, basingstoke, england

Base rates to 1% in Jan, to 0.5% in Feb. Then we WILL re-invest in our business. Remove balance sheet restrictions from banks and they can lend again. Brown to blame - too much legislation, too little commonsense - strangling small businesses.

Anton, Wakefield,

55% of people are fixed rate mortgages. BoE can reduce the rate to 0% it does not make a difference. What Brown needs to do is stop spending peoples money through his punative tax system or stop bailing out banks and give the money direct to the people to pay off the their contract with banks.

steve tea, manchester, cheshire

Monetary policy is now being set by the government in order for Gordon Brown to improve his chances at the next election.
If responsible savers get shafted in the process then that's ok with him.

Steve, Abergele, UK

base rate has fallen, credit rates have increased. credit providers are profiteering, and being subsudised by the taxpayer. interest rate controls should be introduced. the main problem is the debt traded by financial institutions. these are practically worthless, they should be written off.

gary, worthing , england

As the Bank of England say the blame lies on the Banks as they got burnt by bad lending and now need to hoard to bolster their obscene profits, just like most companies making a fair profit is not good enough because human nature always demands more than previous.They need to look at what is fair

L.S.BOTTOMLEY, LEEDS , ENGLAND

What use is cutting rates for credit that does not exist? Can reducing the price of money be seen as encouragement to the banks to lend more? It is highly doubtful.

The massive rate cuts will not only not solve the problem but gives the signal that irresponsible borrowing is the right thing to do

Luke Simms, London,

I agree with Chris. Apart from holding the interest rate cuts what have banks actually done to aid their position? Have they increased lending, are they making it easier for consumers to get a mortgage or continuing to place barriers?

Alex, Chichester, UK

Yes that sounds a good idea Chris in Hong-Kong, just write-off years and years of credit card debts for the people who go into debt.

I take it that means people like me who have worked and saved all their life will get a huge bonus for not going into debt.

The system should encourage hard work

Craig Watkins, Bury, Lancashire

We need a new government.

Christian, England, UK

is this not the same as responding to fires by issuing matches?
the system is collapsing not because interest rates are too high, but because wealth has been destroyed by nearly 2 decades of spending what we as individuals and as a country could not afford.
we need a new system.

nigel foster, ryde, uk

We have far worse problems now with financial leverage, population and the recent plateau in technology advances than those that were around in the late 20's. What are peoples thought's on where the tipping points into a depression lie? Or have we evolved past that stage?

Nathan Cafearo, Douglas, Isle of Man

This painful situation could end with ONE simple agreement between all nations of the world: forgive all debt.
It really is that simple but my guess is that this will never happen as long as people fail to realise that we are one and the same.
Good luck to all good people.
Rate cuts ARE A JOKE!

NDG, Tokyo, Japan

None of the measures thus far taken has done anything to reduce the debt of individuals! Consumer confidence is hardly liely to improve with a massive debt burden! What is needed is for credit card debt to be written off, or at lest the interest thereon,likewise for home mortgages.

Chris , Hong Kong, Hong Kong

Brown told us that his experience would get us through this crisis and that his recapitalisation of the banks was his brilliant plan to save the world. The recapitalisation hasn't worked as businesses cannot obtain credit from the banks and now the BOE clearly don't think his fiscal stimulus will help

james, swindon, uk