The Bank of England has cut interest rates by another 50 basis points to a new low of 1%.
The decision on Thursday was widely expected. Interest rates have now fallen by a total of 4 percentage points since November.
The European Central Bank kept its official rate at 2% on Thursday but is expected to cut them next month.
The Federal Reserve has already cut rates in the United States to a record low of between 0 - 0.25%. In Japan, the rate is 0.1%.
The International Monetary Fund has predicted the British economy could shrink by 2.8% this year.
An Inflation Report is due next Wednesday.
