The Bank of England have been argued to have made the right decision, after reducing the base rate to 1% last week.
Lenders have been reported to be reducing mortgage rates more quickly than they have following previous rate changes, in order to help homeowners with their finances. Doesn't help the savings accounts so much though.
The Bank of England are in their latest discussion about rate cuts, but the National Institute of Economic and Social Research thinks there's little point in cutting rates even more, and think that other measures, such as corporate bond, would be better.
It's expected that the rates will be cut from 1.5% to 1% tomorrow.
The number of people out of a job and on the dole has risen to 1.92million people in the UK. 131,000 people were sacked in the quarter to November 2008 - the highest number since 1997.
The number of people claiming unemployment benefit has risen to 1.16m, from 77,900, and unemployment amongst 18-24 year olds has soard to 614,000, from 55,000.
RBS - a bank that has recently been bailed out by taxpayers, has been reported to be spending £££s on chauffeuring their staff to and from the office building to the car park - a 400 yard, 36 second duration, stretch.
Apparently, it costs £10,000 a month and is a mgihty cost considering they have reported a predicted £28bn loss. The service has been reported to be running during refurbishment of its building, and is only temporary. Even so!
It seems like things are going bad from worse with the economy, and if you work for Corus then things have just hit rock bottom. Because the UK's biggest steelmaker have announced cost-cutting measures that will see 2,500 Brits lose their jobs.
The company employ 24,000 workers in the UK and huge restructuring is planned in order to increase the firm's competitiveness and ensure that no further Corus workers are made redundant.
The figures have been released regarding how much we spent as a nation this Christmas - transactions via credit or debit card peaked past midday on Christmas Eve, with 11.5m transactions occurring on this day alone - a clear sign of shoppers looking for the last minute of bargains.
387 card payments were processed per second, across 93,000 retailers during the busiest time of Christmas Eve. The average value for a transaction during December 2008 was £47.98 - down from £48.61 in December 2007.
If you decide to insure your motor via Direct Line, and go to them direct for your quote, they are offering 12 months for the price of 10. That's 2 months free!
Obviously, have a look around its' competitors first - you still might get a better deal somewhere else! But it's well worth a look.
There has been rumours for a few weeks that the Treasury are having to result in the printing of new money to try and stabilise the UK economy. But they have been forced to deny the reports - the suggestion being that new money won't be printed until UK interest rates hit 0% and the government is left with no further options. But, as the news says, this could be sooner rather than later anyway.
The process of printing new money to try and render the economic situation is known as quantitative easing - it's still argued whether the process works, but the government may just run out of any other options.
Halifax have found that there was a 16.2% reduction in the price of UK homes during 2008, which is a fall of £30,000 on an average home. This is the biggest plummet since 1973 and it's expected that there will be more reductions in the coming year.
Definately not good for people who are losing value on their homes, and those suffering with negative equity. It doesn't seem as though it will be improving for a while.
We are seeing a lot of redundancies lately, but firms have been warned that they should be a last resort when it comes to the companies cutting down their outgoings to try and survive the downturn.
A better approach, recommended by the CIPD, should be to keep staff employed, seeing as an average redundancy costs £16,375, before the employer reaps any benefits.
It has also been wanred that as many as 600,000 jobs could be lost in 2009. Other reports say that unemployment will reach 3 million. In October 2008, 1.86 million people were out of work, taking the overall unemployment rate to 6%.