MONETARY POLICY. THE BANK OF ENGLAND CUTS SHORT-RATES TO 1%
. Bank of England: News release

The "Old Lady" cuts the target for the interbank rate from 1.5% to 1.0%. Note the numerous references to the impact of global economic forces:

The global economy is in the throes of a severe and synchronised downturn. Output in the advanced economies fell sharply in the fourth quarter of 2008, and growth in the emerging market economies appears to have slowed markedly. Business and household sentiment in many countries has deteriorated. The weakness of the global banking and financial system means that the supply of credit remains constrained [italics mine].