As the economic crisis deepens in the UK, further bad news comes with the announcement that the UK services sector has declined at a record rate, along with employment within the sector and expectation for its future.

This is worrying news indeed, as since the 1980s, the UK economy has been rebuilt around the services sector, along with banking, finance and the media. It is also worrying as a drop-off in demand for services, and a decline in services growth, means less money in the economy, and costs being slashed.

This news, coupled with spiralling property prices has cast further gloom over what's known as 'the real economy' – everything not on the rollercoaster ride of stocks and shares profits and losses.

That said, this could be the impetus the bank of England needs to make a more significant cut in interest rates, rather than the cheese-paring fractional cuts of recent history.