Sterling and euro interest rates slashed.

Back in the real world UK Interest rates were slashed by 1.5 % to 3% at noon and the European Central Bank by 0. 5% to 3.25%. Further cuts to 1% or less may be expected by the spring. Stand by for a furious political reaction if the banks fail to lower their lending rates soon. The banks themselves almost always fail to put someone up for public comment but will be making statements during the day. Instant NI comment is fair enough but predictable. Livestream of ECB presser via Finfacts from 1.43pm, recording later. How will NI benefit from both cuts? Where elsewhere in the blogsphere can we find informed comment?

Adds. Peston gets different calls from you and me A perfect example of needing money to make money and on the way, help recapitalise the banks

Former BBC journalist and manager in Belfast, Manchester and London, Editor Spolight; Political Editor BBC NI; Current Affairs Commissioning editor BBC Radio 4; Editor Political and Parliamentary Programmes, BBC Westminster; former London Editor Belfast Telegraph. Hon Senior Research Fellow, The Constitution Unit, Univ Coll. London