But could UK interest rates be cut to zero?
Any rise in UK interest rates from their current record low of 0.5% would appear all but impossible at this stage.
The earliest possibility of a rate rise is November 2016, according to the latest overview of market forecasts compiled by ThisIsMoney.co.uk.
However, a rate cut is possible as an emergency measure to lift the UK out of double-dip recession. And it could come as soon as the results of this month's meeting of the Bank of England Monetary Policy Committee (MPC) are announced, at midday tomorrow (Thursday 5 July 2012).
Cut rates as an emergency measure to boost growth, says IMF
Back in May 2012, the IMF urged the Coalition Government to consider a further rate cut as an emergency measure to promote recovery.
The MPC did just that - considered such a move, that is.
The latest MPC minutes indicate that "the merits of a reduction in Bank Rate" were discussed at the June 2012 meeting.
Mervyn King this week raised the possibility that interest rates could be cut to 0% if the economic situation continues to worsen, the Evening Standard reports.
- Read more on this topic - and on prospects for the UK economy in the second half of 2012 - in XpertHR's July 2012 economic commentary article. The article also looks at the possibility of the MPC extending its programme of quantitative easing to attempt to boost growth.