Another cut in interest rates by the Bank of England is expected on Thursday in another attempt to revive a faltering economy.
The BoE has already cut rates by three percentage points since October to 2% at present.
Analysts expect the bank to cut rates by 50 basis points to 1.5% - a record low. Rates were never below 2% even in the 1930s.
A further reduction, which could take interest rates below 1%, is possible in February.
Another cut in interest rates by the European Central Bank is also expected next week. The rate is currently 2.5%.
Meanwhile, Finance Minister Alistair Darling has told the Financial Times that Britain was "far from through" a recession.
He predicted in November that the British economy would contract between 0.75% - 1.25% in 2009, but said the worst would be over in the first half of the year.
