Down Down Down

The FTSE fell 8% this morning, as the UK entered its first recession in 16 years.

Alistair Darling told BBC News:

"It's obvious now that our economy, other economies across the world, are moving into recession.

Yes, it's going to be difficult, yes it's going to be tough, but we can get through it."

Therefore why is the Bank of England still sitting on its hands, and not cutting interest rates more aggressively?