The Bank of England has made a bold move in slashing is benchmark Bank Rate by one and a half percentage points to 3%. The move caught markets on the hop and investors will be pouring over its statement to divine quite how much of a turn for the worse the U.K. economy has suddenly taken, and how much further into recession the implied deflation the Bank sees will push the U.K. economy. The language in the statement is quite apocalyptic for central bank speak. Has it done enough to get businesses and consumers borrowing again? Probably not given the gloom. A further cut to 2% by year’s end seems a racing certainty.