The Bank of England’s Monetary Policy Committee has voted to cut interest rates by 1% to 2.0%, their lowest level since 1951.

A rate cut was expected by many analysts who welcomed the move as something that will help the ailing economy.

The news comes on the day that Halifax announced a drop in house prices of 2.6% in November.

According to its latest survey, that increased the annual rate of house price falls to -14.9%.