Papers debate interest rate cut

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The Bank of England's decision to cut interest rates to a historic low of 1% gets a mixed reception in the papers.

The Daily Telegraph points out that savers have seen returns on their investments fall by 83% since the Bank began cutting rates in July 2007.

But as its headline THREE CHEERS suggests, the Sun sees things differently.

It points to a hat-trick of good news - the cut in interest rates, plans to cap the pay of bankers and figures showing a rise in house prices.

Sack race

The Daily Mirror leads with claims that a cost-cutting plan at Royal Mail could lead to 16,000 jobs losses.

It says the company is writing to members of staff with redundancy details as it attempts to reduce its wage bill by £470m a year.

A different story on redundancy features in the Independent.

It says ministers are planning to ease the pain of the recession - by increasing the minimum amount employers must pay staff who lose their jobs.

The newspapers all express plenty of concern about the bad weather - and the capacity of the authorities to cope.

Snow business

The Daily Mail warns roads could be turned into "death traps" because of a national shortage of grit.

But the Times says the snow has meant a salt mine in Cheshire is enjoying one of its busiest periods since it was opened 165 years ago.

Workers at the Winsford mine are extracting 30,000 tonnes of salt each week because of soaring demand.

Marching on its stomach

Contents of the army's new ration packs are unveiled in the Daily Telegraph.

The new menu to be given to troops in Afghanistan replaces traditional brown biscuits and corned beef hash, it says.

In their place comes chicken tikka masala, chili con carne and packets of Oreo cookies as well as halal, vegetarian, Sikh and Hindu ranges.

In the Guardian, food critic Jay Rayner says the new rations are hardly a gastronomic treat - but are "like all the best food, completely distracting".