The Bank of England have reduced the base rate by 1.5%, in November additional to the 0.5% decrease in October bringing the base rate down to 3.0%.

With time it is hoped that the new interest rate will install some confidence in the market  encouraging banks to lend to one another again and thus lend to investors and developers in order to re fuel the construction industry.

It is intended that the Government will borrow more money and spend their way out of recession.