Interest rates have been cut to their lowest level ever...

The video discusses the economic crisis and its impact on jobs and livelihoods, as explained by the Chancellor of the Exchequer. Small businesses face challenges in accessing financial aid, despite government announcements. The banking sector's response to interest rate cuts is scrutinized, with some banks raising mortgage rates. The ongoing lockdown exacerbates economic problems, highlighting the need for swift financial support amid a medical emergency.

What was the response of banks to the Bank of England's interest rate cuts?

What are the potential long-term economic problems mentioned in the text?