The Bank of England taking the pressure of immediate interest rates has in effect done very little to help the economy in the short term.
Economic growth has now slowed to 0.7% http://www.bbc.co.uk/news/business-29752338 which is hardly evidence of the growing economy trumpeted by the Conservatives, another reduction in economic growth of 0.8% and we are looking down the barrel of another recession.
Unemployment may be the lowest rate for years, but the quality of jobs for the newly employed is extremely poor. We now have the highest rate of low paid workers http://www.bbc.co.uk/news/uk-politics-29771470 which means people are struggling and unable to spend.
Added to this the UK business now has the highest rate of profit warnings since 2008 http://www.bbc.co.uk/news/uk-29771754 showing that business has overestimated its ability to perform in the present environment, and this will hit future predictions and GDP.
More misery for European banks http://www.bbc.co.uk/news/business-29777589 with 24 banks failing the EBA stress test. This will be more misery for places like Cyprus which is being hit with a large bill from the EU at the same time that it is massively in debt following the bail out and now has three other banks on the brink. The Cypriot economy is really struggling, the tourist season is finished now until effectively April, so it is difficult to see where the light at the end of this tunnel will come from.
We appear to be sleep walking towards further economic problems. There is maybe little the government can do because this is a global crisis and our economy it entwined with the rest of the world, and especially Europe, however a bit of realism and honestly from the politicians may prepare people for what is to come.
IMHO the government should use the £1.7B that the EU wants http://www.bbc.co.uk/news/uk-politics-29769726 to give government workers earning under £20k (for example) an above inflation pay rise, an if there is any money left over give a bit more to those earning up to £25k, and so on. Unless they have a better idea to bring about some economic boost....
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