Today is an historic day in tackling the recession. The Bank of England has already cut interest rates to an all time low, and today has cut them further to just 0.5%. But the real story is that the Bank has started to pursue quantitative easing, to the tune of £75bn - directly buying government and corporate bonds. Some businesses and the government will now be able to borrow directly from the Bank of England, side-stepping the commercial banks who are either unwilling or unable to lend. The move will boost the amount of cash in the system, something even unprecedented cuts in interest rates has struggled to achieve.