INSTANT VIEW - Bank slashes interest rates to 3 pct

LONDON (Reuters) - The Bank of England slashed interest rates by 1.5 percentage points to 3 percent on Thursday as policymakers act to ward off a deep recession.

Following are reactions from business groups and economists to the decision.

WILLEM BUITER, FORMER MPC MEMBER, PROFESSOR AT LONDON SCHOOL

OF ECONOMICS

"I think it is wonderful. We obviously underestimated their willingness to do something radically different from what they have ever done before. I probably should have given them more credit, because these are unprecedented circumstances, so an unprecedented response."

"I could have written some of that (statement) myself. I tend to find myself an outlier in this debate, and to find that I am part of the consensus is surprising, it's very good."

MICHAEL COOGAN, DIRECTOR-GENERAL, COUNCIL OF MORTGAGE

LENDERS

"It's very good news for consumer confidence. It shows the Monetary Policy Committee grasping the nettle, which they needed to do."