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Bank cuts UK rates to 57-year low The Bank of England has cut interest rates by one percentage point from 3% to 2%, their lowest level since 1951. Pound hits new low against euro The British pound hits a historic low against the euro after the Bank of England cut interest rates to 2%. New car sales fall by one-third Sales of new cars in the UK fell at the fastest rate in 28 years in November, figures from the industry show. Full coverage of the UK economy, and tips on surviving the crisis Tips on surviving the financial crisis, and full coverage of the UK economy Downturn to hit Philips profits Electronics giant Philips says the downturn is without "recent comparison" and that its revenue will be less than expected. Dragon out of race for Woolworths Dragons' Den entrepreneur Theo Paphitis pulls out of the race to buy parts of troubled retailer Woolworths. Telecom giant AT&T slashes jobs US telecommunications company, AT&T, announces 12,000 job cuts, or 4% of its workforce, in an effort to reduce costs. Firms agree to build UK reactors A group of British and French firms join forces to build new-generation nuclear reactors in the UK. ECB cuts eurozone rates to 2.5% The European Central Bank delivers its biggest rate cut, lowering interest rates to 2.5% from 3.25%. House prices still falling fast House prices are falling at a faster rate, the Halifax says, as prices fell 2.6% between October and November.