Many economic commentators have expressed recent concern that the Monetary Policy Committee is running out of ammunition. After all, the succession of aggressive rate cuts seen in October, November, December and today cannot be sustained forever (although, intriguingly, the BBC has recently pointed out that negative interest rates are not entirely without global precedent (on the BBC website), giving rise to the unthinkable circumstance of savers paying banks for the privilege of holding their money).

But whatever the course of future interest rate decisions, we can at least be certain that some leading business organisations will not be satisfied with today's cut. Earlier this week, both the CIPD and the BCC called for a 100 base point cut, which would have taken rates to 1% (on their respective websites).

BCC chief economist David Kern took up the theme that the Monetary Policy Committee must supplement its current weapon of choice - interest rate cuts - with other measures. According to Kern: "[I]nterest rate cuts, though important, are no longer adequate on their own. They will have to be supplemented by new and more far-reaching policies - additional fiscal stimulus and quantitative monetary easing."