*BoE: Underlying picture for consumer spending appears weak

*BoE: UK output dropped sharply in Q4 of 2008; business surveys point to a similar rate of decline in the early part of 2009

*BoE: Credit conditions faced by companies and households have tightened further

*Pound stable as BoE trims rate by 50 bps to 1%; now worth 1.4522 against buck

*BoE: The global economy is in the throes of a severe and synchronized downturn