By Harry Wallop, Edmund Conway and Andrew Porter Last Updated: 2:25am GMT 07/12/2007
The Bank of England admitted for the first time yesterday that the economy is facing a serious slow-down because of the global credit crisis.
After announcing the first interest rate cut for two years, the bank issued a statement saying that growth had begun to slow, with serious potential knock-on effects for the economy's overall output.
The warning, the starkest yet from the bank, came as the western world's leading economic authority issued a warning on Britain's faltering property market.
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/12/07/nrates107.xml
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