Currently business confidence has fallen to its lowest ebb since the data began in 1989 (based on 5,100 surveys recently conducted Bloomberg).

Consumer confidence is also at an all time low, both here and across the Atlantic and with the Asian markets also being volatile it is easy to see why there has been such an urgent call for action.

In the current economic climate both the service and manufacturing industries are reducing at a faster pace than expected causing greater concern for the outlook of the economy.

The reason why BCC and the CBI, are calling for action from the central bank is to counter inflation that is running at its highest rate for 10 years.

According to 48 of 61 economists in a Bloomberg News survey there will be at least a 0.25 percent rate cut, although others are more optimistic and are calling for the 0.5 percent cut, although we will find out any developments from tomorrow.