The struggling UK economy is heading towards a serious recession with more people than ever trying to cope with debt, according to Chris Huhne from Financial News.
Huhne says that the Bank of England can lower rates as much as they like but it won't necessarily turn around the poor state of the UK economy.
He commented, "Both interest and capital repayments compared to income is nearly as high as it was in 1990. So low interest rates have merely allowed more gearing, leaving just as much vulnerability."